NFT market surges 17% to $145.3m: Bitcoin leads with 50% jump in sales

This week saw a positive turn for the non-fungible token (NFT) market, with sales climbing more than 17% after a period of decline.

The total sales reached $145.3 million, involving nearly 230,000 active buyers and sellers.

Blockchains by NFT sales volume

The Bitcoin (BTC) network led the charge in NFT sales among blockchains, It hit $47.74 million — a notable rise of 50.33% from last week.

The network also registered more than $39,000 in wash trading — 15.39% higher than last week’s numbers. 

Despite the improved sales volume, the Bitcoin NFT space registered a nearly 96% drop in the number of active buyers. Only 2,056 addresses actively took part in the week’s trading.

Following closely in weekly NFT sales volume was the Ethereum (ETH) blockchain, which, according to data from CryptoSlam, recorded more than $35 million in sales between June 2 and June 8. 

In the week prior, as reported by crypto.news, Ethereum had the highest NFT sales volume, with total sales of $37.43 million. This week’s figures dropped slightly by 0.31% and relegated the Ethereum blockchain to second best in terms of the number of NFT sales. 

The network’s wash trading numbers also went down by about 6.87% to settle at $24.7 million. In terms of buyers, Ethereum was far more active than Bitcoin over the last seven days, with more than 15,000 buyers participating in NFT transactions. However, the number was still a 59.67% drop from last week, per data from CryptoSlam.

Polygon (MATIC) NFT sales also saw a significant jump, increasing by more than 22% to $19.63 million. Solana (SOL) held fourth place with $18.225 million in sales, down by 4.53%. Immutable X (IMX) followed, with sales surging by 13.15%. 

This recent uptick in activity is noteworthy because it shows that interest in NFTs isn’t just from a few major players but from a wide base of collectors and investors. It’s a community-wide resurgence, suggesting potential for sustained growth.

Top NFT collective sales

The highest NFT sale of the week came from the Cardano (ADA) blockchain, with an NFT selling for $219,102 just three days ago. Following closely was an Ethereum-based Cryptopunk #1002, which fetched $193,372 two days ago. Polygon was also represented among the top NFT collectible sales, with a Matr1x Fire Weapon NFT exchanging hands for $97,685.

The fourth most expensive NFT sold in the last week was DeezNode #033 from the Solana blockchain, which went for $76,029. That price was only $2,690 more than the fifth most expensive NFT of the week, a Bitcoin Ordinal priced at $73,339.  

In terms of the top-performing NFT collections, Bitcoin’s PIZZA NFTs were first, generating $17.932 million in the last seven days. Immutable X’s Guild of Guardians, which generated $7.014 million, a 23.90% increase, came in second. Polygon’s Moongirl NFTs secured third spot with $5.799 million in sales., which represented a whopping 643.51% uptick from the previous week.

Are NFTs making a comeback?

This week’s data shows various growth rates among leading platforms like Bitcoin, Solana, and Polygon, pointing to a diversifying market. The upward trend, highlighted by impressive sales in collections like PIZZA NFTs, suggests renewed interest from collectors. 

What’s driving this renewed interest in NFTs? Several factors may be at play. First, the recent market dip likely offered a buying opportunity for savvy investors looking to capitalize on lower prices. Second, the increasing utility of NFTs across various sectors, from gaming to digital art, could be attracting a diverse group of investors.

Moreover, the overall growth of the crypto market tends to positively impact NFTs. As major cryptocurrencies like Bitcoin and Ethereum increase in value, their associated NFT markets often benefit, too.