Are Pudgy Penguins pushing back?

The NFT market is on the rise despite weakness in crypto prices; Bitcoin fell 3% to $94,000 and Ethereum fell 9% to $3,200.

Although the broader crypto market cap has contracted from last week’s $3.5 trillion market cap to $3.3 trillion, the NFT market has turned positive.

According to CryptoSlam data, NFT sales volume increased by 10.70% to $155.4 million this week. The increase in total sales comes with a notable decline in market participants, indicating larger trades are being made from fewer buyers.

Weekly metrics are as follows:

NFT sales volume increased from $132.7 million to $155.4 million last week Blockchain networks show mixed results

Ethereum (ETH) NFT sales rose 13.09% to $61.9 million, but the number of buyers dropped 65.62% to 24,836. Wash trading on the network rose 76.73% to $25.1 million.

Bitcoin (BTC) NFTs saw modest growth, with sales up 1.97% to $30.8 million. The number of buyers of the network decreased by 87.15% to 8,665.

Source: NFT Blockchains by Sales Volume (CryptoSlam)

Solana (SOL) increased its sales by 9.96% to $20.1 million. Mythos Chain ranked fourth with $12.4 million, up 4.39%. Base entered the top five with a 211.18% increase in sales with $8.4 million.

Pudy Penguins return

Sales of Pudgy Penguins increased by 82.32% to $9.2 million. The recovery brought more activity, with a 50.70% increase in transactions and a 67.39% increase in buyers.

BRC-20 NFTs ranked second with $8.2 million, up 40.78%. DMarket ranked third with $7.2 million, up 8.06%, and maintained its high volume with 282,071 transactions.

NFT collectible rankings: data from CryptoSlam

Guild of Guardians Heroes dropped 11.17% to $5.1 million, while Azuki dropped 56.58% to fifth place with $4.0 million.

This week’s best sellers include:

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) Summary Asset: $222,680 (2.3681 BTC)

The NFT market has achieved some stability, with sales volume increasing even as participation remains limited. Read about last week’s NFT event here.