NFTs maintain upward momentum, sales volume exceeds $107m

Non-fungible tokens, or NFTs, saw an uptick in sales volume for the second consecutive week, reaching $107 million — an 8.5% increase.

A substantial increase in the number of NFT buyers accompanied this growth, reaching 488,141 — a staggering 89.56% rise.

On the other hand, the number of NFT sellers also rose by 69.8%, totaling 198,450, signaling an improved trading environment and heightened market engagement.

Below is a breakdown of what happened in the NFT market over the past week.

Ethereum maintains lead while Solana, Bitcoin follow

Over the last few weeks, Ethereum (ETH) continued to dominate the NFT market with $36.6 million in total sales, bolstered by 35,236 buyers—a 46.31% increase from the previous week. 

Solana (SOL) emerged as a strong contender, recording $26.15 million in total sales, thanks to a substantial 114.07% increase in buyers.

The Bitcoin (BTC) NFT market also saw a notable rise, with total sales hitting $21.4 million, driven by a staggering 222.29% increase in buyers.

Polygon (MATIC), which registered the second-best performance in the previous week, saw its total sales volume drop by more than 15%, pushing it down to the #4 spot just ahead of Immutable (IMX).

Other notable performances came from Zora and Blast, which registered the two highest percentage increases in sales volume at 463% and 227%, respectively.

Top collections: Solana Monkey Business shines

Among the top NFT collections, Solana Monkey Business led the pack with $4.86 million in sales, representing a 168.38% increase. The collection also saw a significant uptick in transactions (137.34%) and the number of buyers (130.84%). 

Close behind was the DMarket collection on the Mythos blockchain, which recorded $4.01 million in sales. Interestingly, it was the only collection among the top 5 by sales volume that registered drops in the numbers of transactions and buyers.

Immutable’s Gods Unchained Cards also made headlines with $3.8 million in sales, reflecting a 61.35% increase. This collection saw notable growth in transactions (76.31%) and buyers (41.21%), showcasing the rising popularity of blockchain-based trading cards.

Top-selling NFTs and fan tokens

In terms of individual sales, Ethereum’s Autoglyphs #167 led with a sale of $274,561, followed by Bitcoin’s Protoshrooms at $148,574. Other significant sales included BNB’s kNFT: Locked kUSDT and Arbitrum’s Umoja Synths, highlighting the diversity and breadth of the NFT market across different blockchains.

As can be seen in the table above from CryptoSlam, fan tokens also continued to witness explosive growth, with Galatasaray’s token on the Chiliz blockchain recording a $280.5 million in sales. This reflects a 70149.47% increase.

FC Barcelona and Paris Saint-Germain followed with substantial sales volumes, indicating the growing popularity of sports-related NFTs.

Market implications

The NFT market’s latest performance marks a significant turnaround, showing resilience and renewed investor interest after a period of declining sales volumes. 

This is the second straight week of improved sales, suggesting a potential upward trend. Notably, this resurgence comes amid a broader rally in the cryptocurrency market, which is currently valued at $2.55 trillion. 

Major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana have all registered double-figure price jumps over the past week, further fueling optimism in the digital asset space.

The correlation between the rising crypto prices and the recovering NFT market could be an indication of strengthening confidence among investors, setting a positive tone for the weeks ahead.