NFT Market Surges with Sales Volume Hitting $85.97M
In a notable development, the non-fungible token (NFT) market has witnessed a remarkable upswing, with sales volume soaring to an impressive $85.97 million over the past week. This surge, reflecting a significant 10.10% increase, signifies a notable uplift compared to the preceding fortnight of September.
Rise in Transactions and Buyer Numbers
Accompanying this surge, the number of NFT buyers has seen a remarkable uptick, reaching 794,763, marking a substantial 21.73% increase. Conversely, the count of NFT sellers has declined to 377,711. Correspondingly, NFT transactions have experienced a substantial escalation by over 64.72%, totaling 1,295,201 transactions in the preceding seven days.
Leading Networks in NFT Sales
A closer analysis of the data reveals certain networks driving the surge in NFT sales. Noteworthy insights from Cryptoslam indicate Ethereum as the frontrunner, with a commendable $27.48 million in NFT sales volume. However, it's crucial to highlight that $3.3 million of these sales were linked to wash trading. The Ethereum section observed a 12.49% increase in NFT buyers, with a total of 55,859 transactions.
In a close second, Bitcoin secured its position with a total sales figure of $12.62 million. Despite this, there was a significant 40% drop in sales over the past week. Solana claimed the third spot with $11.8 million in sales. Following closely were Mythos Chain (MYTH), Polygon (POL), and Binance Coin (BNB), registering sales amounts of $11.8 million, $10.6 million, and $3.35 million, respectively.
The Landscape of NFT Sales
Of note, both Bitcoin and Solana witnessed instances of wash trading, amounting to $887,810 and $701,810, correspondingly. Particularly impressive was Solana's high number of buyers, which stood at 393,044. This data vividly underscores the dynamic nature of the NFT market, showcasing the competitive push among different networks to establish prominence in the rapidly evolving digital asset realm.
