NFT Market Sees Weekly Sales Surge to $109 Million: Ethereum, Polygon Lead Despite Declining Participants
- SO YOU COLLECT
- Jul 15, 2024
- 2 min read
The non-fungible token (NFT) market experienced a 7.68% increase in sales volume this week, totaling $109 million. Ethereum (ETH) and Polygon (MATIC) emerged as key players despite a significant drop in both buyers and sellers.
Sales Volume and Transaction Trends
Despite a 68.00% decrease in NFT buyers and a 67.78% drop in sellers, NFT transactions surged by nearly 21%, reaching 2,435,539 trades according to CryptoSlam data.
Ethereum Maintains Lead Amid Wash Trading Concerns
Ethereum led in NFT sales with $32,711,790, maintaining its position despite concerns about wash trading practices.
Polygon Surges Ahead in NFT Trading
Polygon saw a remarkable 90% increase in weekly NFT sales, surpassing Bitcoin and Solana with total sales exceeding $24 million, including $3.1 million attributed to wash trading. Despite a 78.98% decline in NFT buyers, Polygon showcased significant trading activity.
Solana and Bitcoin Declines
Solana followed with $22.7 million in NFT sales, a slight drop from the previous week despite a 32% increase in wash trading. Bitcoin struggled with $15.1 million in sales, marking a 5% decrease from the previous week.
Top NFT Collections
DMarket on Mythos led NFT collections with $3,915,145 in sales, indicating Mythos’ rising prominence in NFT trading. DogeZuki on Solana also performed strongly with $3,038,960 in sales.
Notable Performances and High-Value Sales
High-profile NFT sales included TokenVestingPlans #582 on Ethereum selling for $360,611 and Bitcoin Punks’ Punk #3100 fetching $115,430. Fan tokens on Chiliz (CHZ) blockchain, notably from Galatasaray, FC Barcelona, and Paris Saint-Germain, also made significant impacts, underscoring the growing trend of sports-related NFTs.
FAQ's
What was the total weekly sales volume for NFTs?
The weekly sales volume for NFTs reached $109 million.
Which blockchains led in NFT sales this week?
Ethereum and Polygon led in NFT sales this week, despite a decrease in buyers and sellers.
What were some notable NFT collections?
Top NFT collections included DMarket on Mythos and DogeZuki on Solana, among others.
Which blockchain saw a significant increase in fan token sales?
Chiliz (CHZ) blockchain saw significant fan token sales from clubs like Galatasaray, FC Barcelona, and Paris Saint-Germain.
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