NFT Market Update: Bitcoin Leads, Ethereum Surges

Bored Ape Yacht Club’s non-fiction works surge 170%, and the week’s priciest NFT on BNB chain sells for $452,000.

The market for non-fungible tokens (NFT) experienced sales that were not particularly noteworthy during the previous week, with a total sum of $311.31 million being transacted throughout the market.

The statistic from the last week demonstrates a slight increase of only 0.05%, which is reflected by this number. Despite this, since November 2023, sales of non-fungible Bitcoin tokens have consistently outpaced those of competing blockchain networks. This trend has continued.

However, it is essential to take note of the fact that the quantity of non-fungible tokens (NFTs) that have been traded on the Bitcoin blockchain has decreased by 19.12% in comparison to the previous week.

Bitcoin Leads Weekly NFT Sales with $311M, while Ethereum and Polygon Experience Remarkable Growth

According to the information obtained from cryptoslam.io throughout the last week, NFT sales eventually reached $311.31 million. Despite this, there was a significant fall in the number of people who participated in the market.

During the same period, the number of people who purchased non-fungible tokens (NFTs) decreased by 69.40%, and those who sold things decreased by 68.09%.

The sale of non-fungible tokens from the Bitcoin blockchain resulted in a total revenue of 107.16 million dollars. This constitutes 34.42 percent of the total sales that were made across 21 various blockchain networks around the industry.

Despite this, sales of non-fungible tokens that are based on Bitcoin experienced a fall of more than 19% as compared to the previous week.

The number of non-fungible tokens sold on the Ethereum network increased by 18.29%, bringing the total to about $84,622,852 during the transaction. In terms of revenue, Polygon non-fungible tokens grabbed the third rank among blockchain networks, with a more substantial growth of 81.33%, reaching $44.67 million.

This blockchain network was not the only one to observe a significant spike in the number of transactions.

On the other hand, sales of Solana NFTs decreased by 19.47% compared to the previous week, with total sales amounting to $41.48 million. This was a decrease from the last level of sales. On the other hand, the number of flow-based NFTs climbed by 25.65%, while the number of Avalanche NFTs increased by 46.83%.

Over the previous week, the non-fungible token collection that has been the most successful in total sales is the Uncategorized Ordinals collection, which has brought in a total of $22.68 million. When compared to the sales from the previous week, this is a decrease of 53.70 percent.

A staggering 261% boost in sales was accomplished by the Gas Hero Common Hero NFTs from Polygon, which brought in a total of $18.82 million in revenue. Within the realm of digital collectible sales, this was the second-highest milestone that was accomplished.

Additionally, this week witnessed considerable activity in selling non-fungible tokens (NFTs) for weapons and merchandise under the Gas Hero brand.

While this was going on, sales of non-fiction works published by Bored Ape Yacht Club (BAYC) had a substantial spike of 170% when compared to the previous week’s sales.

This past week, the non-fungible token (NFT) transaction that was the most expensive was carried out by the BNB chain. This transaction was responsible for the highest price. Just seven days ago, the collectible known as “Lock Deal” was sold for $452,000.

Following that, a non-fungible token (NFT) from Polygon with the name “Token Vesting Plans” was purchased for a total of $299,000. The non-fungible token (NFT) known as “Cryptopunks #8,639” from the Ethereum blockchain came in at number three on the list of the most costly non-fungible token.

A purchase was made the day prior for 240 thousand dollars. Several additional networks were responsible for the significant sales of non-fungible tokens (NFTs) this week. These networks include Arbitrum, Bitcoin, and Cardano.