NFT Sales Soar 15.2% to $121M, CryptoPunks Sales Surge 500%

The NFT market has seen a notable rebound, with total sales increasing by 15.2% to $121 million, despite ongoing weakness in the broader cryptocurrency market. While Bitcoin and Ethereum prices have dropped, the NFT sector has experienced growth, albeit with fewer participants.

The weekly data highlights a stark contrast in market activity:

• NFT sales grew to $121.5 million, a rise of 15.27% from the previous week.
• However, market participation has significantly contracted, with NFT buyers plummeting by 94.39% to just 25,641.
• NFT sellers also fell by 91.84%, with just 25,717 sellers.
• Despite the drop in participants, the number of NFT transactions rose by 5.21% to 1,615,020.

Ethereum saw a strong surge in sales, jumping 50.76% to $37.6 million, although the number of buyers dropped by 69.09%. This indicates that the increase in sales was driven by larger trades rather than a broader base of buyers. Wash trading also rose by 39.46% to $3.9 million.

Bitcoin’s NFT sales, on the other hand, decreased by 17.21%, totaling $21 million. Solana saw significant growth, up 51.24% to $18 million, while Mythos Chain grew 2.84% to $15.2 million. Polygon’s sales, however, fell by 7.98%, bringing in $13.5 million.

In terms of top NFT collections, the following trends were observed:

• Courtyard maintained its lead with $11.7 million in sales, despite a 6.18% drop.
• DMarket climbed to second place with $10.1 million, growing 4.83%.
• Paradise, a Solana-based collection, surged by 292.14% to $9.8 million, moving into third place.
• CryptoPunks saw a massive resurgence, increasing 519.26% to $7.1 million, securing fourth place.
• BRC-20 NFTs also posted a strong performance, up 173.4% to $7.1 million, tying with CryptoPunks in sales.

Among the notable high-value sales:

• CryptoPunks #4464 sold for $2,196,232 (1011 ETH).
• Uncategorized Ordinals #7d0 went for $1,321,676 (14 BTC).
• CryptoPunks #8868 sold for $646,201 (288.88 ETH).
• CryptoPunks #364 fetched $342,136 (160 ETH).
• SuperRare #38335 sold for $219,441 (100 ETH).

Overall, the NFT market’s growth in sales volume is being driven by fewer, but larger, transactions, with some collections, particularly CryptoPunks, showing a significant resurgence in value.