NodeMonkes, Bitcoin Puppets lead as NFT sales rebound

The volume of non-fungible tokens on the Bitcoin network rebounded last week as the industry stabilized.

Bitcoin NFT sales increased

According to CryptoSlam, Bitcoin (BTC) NFT sales have increased by 56% to over $20 million in the last seven days. The number of buyers on the network increased by 48% to 29,403.

A relatively new collection, NodeMonkes has been the best-performing NFT in the ecosystem, with over $3.4 million in sales and 302 transactions. Only Immutable X’s Guild of Guardian Heroes collection sold more during the week.

Bitcoin Puppets’ sales volume was $3.03 million. This is a 239% increase from the previous week.

Ordinal Maxi Biz followed, with sales exceeding $1.89 million. Meanwhile, Taproot Witches sold $1.3 million.

Ethereum, Solana

Ethereum (ETH) remained the most active network for NFT with $28 million in sales. Solana (SOL) had sales of $13 million and BNB Chain had sales of $3.7 million.

September was also a bad month for NFTs, with total sales dropping 48% to $318 million. Sales of Ethereum, Bitcoin, and Solana were $108 million, $63 million, and $61 million, respectively.

Bitcoin is coming back

Weekly NFT sales increased as prices of most cryptocurrencies rebounded. As Bitcoin rose to $66,000 for the first time since July, the total market value of all cryptocurrencies rose to $2.3 trillion.

Most importantly, the closely watched crypto fear and greed index rose to the 60-greed zone for the first time in two months. Historically, investors move into riskier assets like stocks and cryptocurrencies when there is greed in the market; due to the recent Federal Reserve lowering of interest rates, China’s stimulus, and the ongoing decline in stablecoin assets among smart money investors.

As shown below, the volume of these investors’ stablecoin holdings has fallen to its lowest point in the last two years.

Stablecoin assets with smart money | Source: Nansen

The Nansen chart also shows that these assets have been in a downward trend since then (after rising in 2022 with the collapse of FTX and the Terra ecosystem). Smart money investors likely reduced their stablecoin holdings and turned to cryptocurrencies and NFTs.

The key risk investors face with NFTs is that the industry will become highly saturated with thousands of new collectibles. A recent report reveals that 96% of the existing NFT collection of over 5,000 is “dead.”

In other words, they have zero transaction volume, no sales for more than seven days, and no activity on social networks.