The Nonfungible token (NFT) market has witnessed a 10.10% surge in the last 7 days hitting $85.9 million in sales.
The data was revealed by NFT tracker CryptoSlam pointing that NFT sales volume surged to $85.9 million in just seven days.
The new numbers are significantly higher compared to the last two weeks of September.
Following the rise in NFT sales volume is a 21.73% surge in NFT buyers. The latest data revealed that NFT buyers rose to 794,763, and the NFT sellers came down to more than half at 377,711.
NFT transactions another important metric aligned with the surge in NFT sales volume, NFT transactions surged by over 64.72% in the last seven days to 1,2956,201.
Now that we have discussed the surge in the NFT sector in details we will take an in-depth look at the networks that have done the top sales during this time.
Ethereum leads the pack
Data from Crypto slam revealed that Ethereum leads the pack in terms of high NFT sales volume. The network was solely responsible for over $27.48 million in NFT sales volume.
However, $3.3 million worth of the total NFT sales in Ethereum accounted for wash trading. The number of Ethereum NFT buyers rose by 12.49% and stood at 55,859.
After Ethereum in terms of NFT sales volume comes the Bitcoin Network. The Bitcoin network ranks second on the list with $12.62 million in total sales. Despite the impressive number, there has been a 40% drop in sales during the last seven days.
In third position is the Solana chain with $11.8 million in sales. Solana was followed closely by Mythos Chain (MYTH), Polygon (POL), and Binance Coin with $11.8 million, $10.6 million, and $3.35 million in sales, respectively.
Bitcoin and Solana were responsible for $887,810 and $701,810 in wash trading. The Solana network recorded the highest number of buyers which stood at 393,044.
Hot selling NFT collections
The hottest-selling NFT collection over the week goes to DMarket which recorded the highest sales in the last seven days. DM market sales stood at $11.29 million, which happened in over 396,801 transactions.
The second position went to Guild of Guardians with $3.19 million in sales in over 5389 transactions.
The Third best-selling NFT collection on the list is Ethereum-based CryptoPunks. CryptoPunks recorded a sales volume of $2.89 million during this period.
What to Know
- NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent digital or real-world items.
- The whole idea of NFTs is to create something that cannot be duplicated just like art hence its intrinsic value.
