NFT sales surge to $155M, with Pudgy Penguins leading the charge with an 82% increase

The NFT market has seen a significant uptick in sales, reaching $155 million this week, despite the broader cryptocurrency market facing declines. Bitcoin has fallen 3% to $94,000, and Ethereum dropped 9% to $3,200, yet the NFT market is bucking the trend with positive growth.

According to CryptoSlam data, NFT sales volume rose by 10.70%, from $132.7 million to $155.4 million. However, the surge in sales is accompanied by a notable decrease in the number of market participants, suggesting fewer buyers making larger transactions.

Key Metrics:

• NFT sales volume: Increased to $155.4 million from $132.7 million.
• NFT buyers: Dropped by 81.79%, down to 122,806.
• NFT sellers: Fell by 73.24%, to 104,090.
• Transactions: Rose slightly by 0.16%, to 1,483,044.

Blockchain Network Sales:

• Ethereum: NFT sales on Ethereum grew 13.09%, reaching $61.9 million, although the number of buyers decreased by 65.62% to 24,836. Wash trading also rose by 76.73%, reaching $25.1 million.
• Bitcoin NFTs: Saw a 1.97% increase in sales, totaling $30.8 million, but the number of buyers decreased sharply by 87.15%, to just 8,665.
• Solana: Sales increased by 9.96%, reaching $20.1 million.
• Mythos Chain: Gained 4.39% in sales, reaching $12.4 million.
• Base: Experienced a significant jump of 211.18%, entering the top five with $8.4 million in sales.

Top Performing NFT Collections:

• Pudgy Penguins: Experienced a remarkable 82.32% surge in sales, reaching $9.2 million. This surge was accompanied by a 50.70% rise in transactions and a 67.39% increase in buyers.
• BRC-20 NFTs: Took second place with $8.2 million in sales, up 40.78%.
• DMarket: Maintained steady performance, reaching $7.2 million in sales, an increase of 8.06%, with 282,071 transactions.
• Guild of Guardians Heroes: Saw a decline of 11.17%, with $5.1 million in sales.
• Azuki: Dropped significantly, with a 56.58% decrease in sales, down to $4.0 million.

Notable Sales:

• SuperRare #37380: Sold for $474,710 (474,710 USDC).
• CryptoPunks #4757: Sold for $453,894 (125 ETH).
• SuperRare #37380: Sold for $396,000 (108.7469 WETH).
• CryptoPunks #3698: Sold for $277,876 (82 ETH).
• Abstract Being: Sold for $222,680 (2.3681 BTC).

Despite the broader market challenges, the NFT space has shown resilience, with increasing sales volume and strong performances from top collections like Pudgy Penguins. However, the decrease in the number of participants suggests that large transactions are driving this growth, rather than widespread market involvement.