In a stunning development, non-fungible token (NFT) sales have surged this past week, reaching an all-time high of $801 million in settled sales. This represents a 138.15% increase over the previous week. According to data gathered from various blockchain networks, Ethereum ETH 0.37% has dominated the NFT market, accounting for $762 million in sales over the last seven days. Meanwhile, Solana SOL -1.40% followed in second place, recording $17,717,911 in sales.
Ethereum’s NFT sales soared by 162.67% in the past week, making it the clear leader in the NFT space. The other blockchain networks in the top 10 rankings saw a decline in sales except for Panini, whose NFT sales increased by 56.52% to $452,827. This increase was not enough to change its ranking in the top 10 list.
The Mutant Ape Yacht Club (MAYC) collection emerged as the top NFT collection in terms of sales since last Friday, recording more than $92 million in settled sales. It was followed by Otherdeed, Bored Ape Yacht Club (BAYC), Azuki, and Moonbirds, respectively. All five NFT collections recorded a surge of 65% or more during the last seven days. The sixth-largest collection in terms of weekly sales, Opepen Edition, saw an incredible rise of 5,235.80% since last week, accumulating $37,593,913 in settled sales.
In terms of ETH-based NFT markets, the new NFT marketplace Blur outpaced Opensea’s weekly volume, capturing 81% of the NFT market share in settled sales this week. Opensea’s volume accounted for approximately 13.6% of the total NFT sales volume in seven days. X2Y2, Immutable X Marketplace, and Looksrare followed closely behind Blur and Opensea. The new Cardano ADA -0.23%-based marketplace, JPG Store, ranked sixth in sales this week, with NFT sales increasing by 35.94% compared to its sales from last week.
NFTs have been gaining in popularity in recent months, with the sale of digital artwork, virtual real estate, and even tweets fetching high prices. These digital assets are unique and cannot be replicated, making them highly valuable to collectors. The rise of NFTs has also helped to expand the use cases for blockchain technology beyond just cryptocurrencies.
The surge in NFT sales over the past week is a positive sign for the NFT market, indicating that it is still growing and has the potential to become a significant player in the world of digital assets. With Ethereum’s dominance in the market and new marketplaces like Blur emerging, the NFT space is sure to remain a hot topic in the coming months.
As with any investment, it’s important to do your research and understand the risks involved before investing in NFTs. However, for those willing to take the plunge, the potential for high returns is certainly enticing.
