Sales of non-fungible tokens (NFTs) have been surging in the past year, and the trend shows no signs of slowing down. According to recent statistics recorded on Feb. 18, 2023, the volume of NFT sales in the last seven days has surged over 43.97% compared to the previous week, reaching a total of $397.86 million, with 345,716 NFT buyers and roughly 1.62 million transactions.
Ethereum blockchain has emerged as the dominant player in the NFT market, accounting for over 90% of all sales. In the past week, Ethereum-based NFT sales accounted for $360.32 million, a significant increase of 54.77% from the previous week. Solana-based NFT sales followed with $18,790,359, a decrease of 7.47% from last week. Other popular blockchain platforms for NFT sales in the last seven days were Polygon, Immutable X, and Binance Smart Chain.
NFTs are unique digital assets that represent ownership of a specific piece of digital content, such as artwork, music, and video. NFTs are created using blockchain technology, which ensures their authenticity and scarcity. The rising popularity of NFTs has been attributed to their ability to offer a new form of ownership and investment in digital assets.
The Otherdeed collection was the top-selling NFT collection in the last seven days, with total sales of $47,043,296, an increase of 160.21% from the previous week. Other popular collections in the last week were Azuki, Moonbirds, Mutant Ape Yacht Club (MAYC), and Bored Ape Yacht Club (BAYC). Azuki’s sales increased by 174.98%, while Moonbirds’ NFT sales rose 502.43% from last week.
The NFT market is growing rapidly, and many platforms are competing to become the leading marketplace for NFT sales. According to weekly metrics from both dappradar.com and Dune Analytics, the NFT marketplace Blur has outpaced the leading market, Opensea, this week. Dune’s statistics show that Blur captured more than 66% of the market share, while Opensea accounted for 23.9%. Dappradar.com shows that the top five marketplaces this week across various chains were Blur, Opensea, X2Y2, Immutable X Marketplace, and Lookrare, respectively.
The rise in NFT sales has led to an increased interest from investors and collectors. NFTs have been sold for astronomical prices, with some selling for millions of dollars. The growing interest in NFTs has led to some concerns over their environmental impact, as the blockchain technology used to create them requires a significant amount of energy.
Despite the concerns, the NFT market shows no signs of slowing down, with new collections and marketplaces being launched regularly. As the NFT market continues to grow, it will be interesting to see how it evolves and how it impacts the wider digital asset market.