NFT sales dip to $146.5m: Ethereum, Bitcoin network recover

While Bitcoin continues to face resistance around $100,000, the NFT market is down 1.6%, with total sales volume settling at $146.5 million.

While Bitcoin (BTC) is trading at $96,800, Ethereum (ETH) has shown strength by regaining the $3,700 level, up 3.5% in the last 24 hours. The capitalization of the global cryptocurrency market increased from $3.35 trillion last week to $3.42 trillion. This represents an increase of 2.5% compared to the last day.

While overall sales are declining, individual blockchain networks are showing signs of recovery, according to the latest data from CryptoSlam:

NFT (non-fungible token) sales volume is down from $160.9 million last week. NFT buyers increased by 27.57% to 574,853. NFT sellers increased by 23.21% to 342,382. NFT transactions fell 11.22% to 1,424,770. Ethereum and Bitcoin show signs of recovery

The Ethereum NFT blockchain showed resilience with sales of $51.3 million, up 2.87%.

The network saw 49,462 buyers, representing a healthy growth of 17.33%. Notably, fake trading on Ethereum rose 16.02% to $9.1 million, indicating increased market activity.

Source: Blockchains by NFT Sales Volume (CryptoSlam)

Bitcoin’s NFT ecosystem has maintained its strong momentum. The network’s sales volume increased by 6.58% to $48.2 million. The network saw moderate growth in buyer engagement, with 54,903 active buyers recording a 28.89% increase.

While Solana (SOL) maintained its third place, it experienced a large decline of 37.86% and its sales dropped to $15.7 million. However, the network continues to show strong user engagement with 230,954 buyers.

Mythos Chain took fourth place with sales of $10.6 million, showing a marginal decline of 1.66%. However, ImmutableX (IMX) increased by 14.22% and ranked in the top five with sales of $ 7.1 million.

BRC-20 and new collections lead the rankings

BRC-20 NFTs continue to dominate with $15 million in sales despite a 10.69% decline. Uncategorized Ordinals took second place with sales of $10.3 million. Its sales also increased by 81.86% in the last seven days.

Bored Ape Yacht Club rose again in the rankings, showing a strong increase of 60.30% to take third place with sales of $7.7 million.

CryptoPunks followed closely with $7.7 million despite a 14.56% drop.

Highest NFT sales: Data from CryptoSlam

The latest data shows several large individual NFT sales:

Uncategorized Ordinals #cb0 sold for $6,069,273 (63.4315 BTC) Uncategorized Ordinals #486 sold for $3,583,816 (38.8087 BTC) Bored Ape Chemistry Club #0 sold for $199,156 (59.84 ETH) CryptoPunks #9663 Sold for $197,113 (55 ETH) Axie Infinity #115792089237 Sold for $178,651 (52 ETH) NFTs continue to evolve

In 2024, NFTs are expanding their benefits through integration with gaming and DeFi, enabling in-game assets and serving as collateral on decentralized finance platforms.

Hybrid and real-world asset tokenization is bridging the gap between physical and digital spheres as companies embrace NFTs for promotional campaigns, loyalty programs, and revenue generation.

Cross-platform interoperability is increasing, allowing NFTs to operate seamlessly across various ecosystems. Sustainability efforts are addressing environmental concerns and greener blockchain solutions are gaining traction.

Additionally, AI-enhanced NFTs are emerging that enable personalized and interactive experiences, showcasing the evolution of NFTs beyond simple digital collectibles.

It is worth noting that the current increase in NFT sales is largely due to hype. It is not yet known whether this trend will translate into long-term growth or be a short-lived acceleration.