NFT trades surge as the average sale price hikes

Non-fungible token (NFT) sales have witnessed a significant surge after taking a downward curve between Aug. 25 and 29.

According to CryptoSlam, NFT sales grew by 36.5% in the past 24 hours, reaching roughly $14.25 million. Per the data aggregator, the total trades are still down by 19% from its local top of $17.61 million on Aug. 17.

Moreover, the total number of transactions and the average sale have also registered 9.05% and 32.33% hikes. Per CryptoSlam, the number of transactions has reached 277,997 while the average value of a sale grew to $51.

On the other hand, the total amount of wash trades has also risen with the NFT uptrend. According to the data provider, the NFT wash volume has risen by 4.45%, reaching $4.51 million in 28,207 wash transactions.

Per CryptoSlam, Ethereum (ETH) remains the preferred blockchain for NFT trades, with a total sales volume of $8.4 million. Polygon (MATIC) comes second with a notable share of $1.2 million.

The surge comes while the number of wash trades on the Ethereum network witnessed a 4% decline in the past 24 hours, reaching $3.1 million. 

According to a crypto.news report on Aug. 24, the floor prices of the top NFT collections — BAYC, MAYC, CryptoPunks and Azuki, to name a few — have dropped significantly over the third week of August.

Furthermore, on Aug. 28, a report revealed that the NFT market witnessed a two-year low sales volume of just $8.9 million.