NFT sales surge 11% to $155M despite crypto market drop
NFT sales volume rose by 10.70% to $155.4 million
Although the total cryptocurrency market capitalization shrank by approximately $200 billion to $3.3 trillion this week, the NFT market demonstrated positive momentum.
According to CryptoSlam, NFT sales volume rose by 10.70% to $155.4 million this week. The growth in overall sales volume coincided with a significant drop in market participants, suggesting larger transactions made by a smaller number of buyers.
Compared to the previous week, the number of buyers dropped by 81.79% to 122,806, while sellers decreased by 73.24% to 104,090. The number of transactions increased slightly by 0.16% to 1,483,044.
Mixed performance across blockchains
Ethereum: Sales increased by 13% to $61.9 million, with wash trading surging by nearly 77% to $25 million, while buyers fell by 66% to 24,836.
Bitcoin NFTs: Modest growth, with sales up 2% to $30.8 million, while buyers plummeted by 87% to 8,665.
Solana NFTs: Sales rose nearly 10% to $20.1 million.
Mythos Chain: Fourth place with $12.4 million, up 4.4%.
Base: More than doubled sales, breaking into the top five with $8.4 million.
Top collections and sales of the week
- Pudgy Penguins: Sales surged by 82% to $9.2 million.
- BRC-20 NFTs: Up 40.8% to $8.2 million.
- DMarket: Third place with $7.2 million, an 8% increase.
Top sales of the week
- SuperRare #37380: $474,710 (474,710 USDC)
- CryptoPunks #4757: $453,894 (125 ETH)
- SuperRare #37380: $396,000 (108.7469 WETH)
- CryptoPunks #3698: $277,876 (82 ETH)
- Abstract Being: $222,680 (2.3681 BTC)
Despite skepticism from many analysts about the future of the NFT market, 2024 has demonstrated that the industry is far from obsolete.
According to CryptoSlam data, with less than a week remaining in 2024, NFT sales since the start of the year have exceeded last year’s figures by $230 million, reaching $8.7 billion.
