The NFT market fell 1.6%, with total sales settling at $146.5 million, as Bitcoin continues to face resistance near $100,000.
Bitcoin (BTC) is trading at $96,800, while Ethereum (ETH) is showing strength, surging 3.5% in the past 24 hours and regaining the $3,700 level. The global cryptocurrency market capitalization expanded to $3.42 trillion from $3.35 trillion last week. This was an increase of 2.5% from the previous day.
According to the latest data from CryptoSlam, although overall sales are down, individual blockchain networks are showing signs of recovery.
NFT (non-fungible token) sales decreased from $160.9 million the previous week. NFT buyers surged to 574,853, marking an increase of 27.57%. NFT sellers increased to 342,382, representing a 23.21% spike, while NFT transactions decreased by 11.22% to 1,424,770.
Ethereum and Bitcoin show signs of recovery
Ethereum NFT blockchain showed resilience with sales of $51.3 million, up 2.87%.
The network has 49,462 buyers, showing a healthy growth of 17.33%. In particular, Ethereum wash trades increased by 16.02% to $9.1 million, indicating increased market activity.
Source: Blockchain by NFT sales volume (CryptoSlam)
Bitcoin’s NFT ecosystem maintains strong momentum. The network posted revenue of $48.2 million, an increase of 6.58%. The network has seen a significant increase in buyer participation, with 54,903 active buyers, an increase of 28.89%.
Solana (SOL) remained in third place, but suffered a significant decline of 37.86% with sales dropping to $15.7 million. However, the network continues to show strong user engagement with 230,954 buyers.
Mythos Chain secured 4th place with a revenue of $10.6 million, showing a slight decrease of 1.66%. However, ImmutableX (IMX) made it into the top five with $7.1 million in revenue, marking a 14.22% jump.
BRC-20 and new collection lead the rankings
BRC-20 NFTs still dominate with $15 million in sales despite a 10.69% decline. Uncategorized Ordinals secured second place with sales of $10.3 million. Sales also increased by 81.86% over the past 7 days.
Bored Ape Yacht Club re-enters the rankings, taking 3rd place with $7.7 million in sales, representing a significant increase of 60.30%.
CryptoPunks followed closely with $7.7 million despite a 14.56% decline.
Top NFT Sales: Data from CryptoSlam
The latest data shows some large-scale individual NFT sales.
Uncategorized Ordinal #cb0 sold for $6,069,273 (63.4315 BTC) Uncategorized Ordinal #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 will expand their utility through integration with gaming and DeFi, enabling in-game assets and serving as collateral for decentralized financial platforms.
Hybrid, real-world asset tokenization is bridging the gap between the physical and digital realms as companies embrace NFTs for promotional campaigns, loyalty programs, and revenue generation.
Cross-platform interoperability has increased, allowing NFTs to work seamlessly across different ecosystems. Sustainability efforts are addressing environmental concerns, and greener blockchain solutions are gaining traction.
Additionally, AI-enhanced NFTs are emerging, enabling personalized and interactive experiences, and demonstrating the evolution of NFTs beyond simple digital collectibles.
It is worth noting that the current increase in NFT sales appears to be primarily driven by hype. It remains to be seen whether this trend will lead to long-term growth or if it will remain a temporary momentum.
