Lưu trữ cho từ khóa: Ethereum NFTs

NFT

Are NFTs making a comeback or just riding the hype? Here’s what the numbers say

Để lại phản hồi

After a dull stretch, NFT sales have taken a turn for the better. What’s behind this momentum, and is it a sign of a lasting revival?

NFTs are finally making a comeback

Non-fungible tokens are starting to show signs of life again after a rather dull performance in the last few weeks.

According to data from CryptoSlam, sales between Sep. 30 and Oct. 6 soared past $84.9 million, marking the highest sales volume since the week ending Aug. 25, which recorded over $93 million.

What’s even more interesting is that the NFT market has been gaining momentum throughout September. During the week of Sep. 16-22, NFT sales reached $69 million, and the following week, Sep. 23-29, saw a modest uptick to $75 million.

The current week, as of Oct. 7, has already clocked over $5.5 million in sales, suggesting that the market could continue this upward trend.

In addition to the rise in sales volume, there’s been an increase in activity, with over 2 million transactions recorded in the last seven days as of Oct. 7, a 29.73% jump from the previous period.

However, it’s not all sunshine. The average sale price of NFTs has dropped by 32.91%, now sitting at around $43 per sale, indicating that while more people are engaging with NFTs, the high-priced collectibles may still be lagging behind.

With the numbers showing positive momentum, what’s driving this rebound? Let’s dive deeper into which blockchains are leading the NFT race, why NFTs are making a comeback, and what we can expect in the days to come.

Which blockchains are leading the race?

As of Oct. 9, Ethereum (ETH) still holds the crown as the dominant blockchain in the NFT space, but the landscape is shifting, and other platforms are quietly gaining ground.

Ethereum (ETH)

Ethereum remains the leader in terms of NFT sales, bringing in over $26.5 million in the past week. Ethereum’s sales accounted for nearly 31% of the entire NFT market, but it’s also plagued by a relatively high percentage of wash trading — roughly 11.69%.

Wash trading involves artificially inflating the volume by buying and selling within the same wallet to create the illusion of higher demand.

Despite this, Ethereum’s vast user base and dominance in the NFT ecosystem cannot be ignored, as it recorded over 136,000 buyers during this period.

However, the volume of transactions (over 654,000) suggests a growing reliance on smaller trades, with the average sale price taking a sharp dip.

Mythos (MYTH)

Mythos (MYTH), a relatively newer player, is perhaps the most surprising competitor. Sales skyrocketed by over 6200% in the last week alone, reaching $15.3 million, giving it the second spot.

This explosion is driven by its gaming-centric focus, tapping into a relatively untapped and highly passionate user base. In-game assets such as NFTs have been a concept that gamers are increasingly embracing, and Mythos is positioning itself as the leader in this niche.

What’s even more interesting is that this surge isn’t heavily tied to wash trading, as only 0.28% of its transactions are wash trades, showing the platform is experiencing genuine user-driven growth.

Mythos has attracted over 632,000 transactions this week alone, which is nearly five times that of Ethereum, signaling that it might be a blockchain to watch closely as it builds on this rapid adoption.

However, gaming NFTs are highly dependent on the success of the underlying games. Hence, if those games fail to attract or retain users, the NFT market on Mythos might see a sharp decline.

Bitcoin (BTC)

Bitcoin (BTC) entering the NFT race was not something many anticipated a few years ago. Traditionally viewed as a store of value, Bitcoin’s blockchain wasn’t designed with NFTs in mind.

However, the introduction of Ordinals has breathed new life into Bitcoin’s potential in this space. While its weekly sales volume of $14.1 million might seem modest compared to Ethereum, the fact that Bitcoin’s NFT market is growing organically, with only 5.15% wash trading, is worth noting.

Interestingly, despite having fewer transactions and users compared to Ethereum, Bitcoin boasts a higher average sale price, hinting that its NFT market might be more geared toward high-end, premium assets.

Solana (SOL)

Solana (SOL) continues to be a serious competitor, posting over $10.8 million in sales this week, ranking fourth.

However, Solana’s wash trade percentage — at a whopping 22.7% — is one of the highest among the top blockchains, indicating that while Solana is seeing growth, much of its activity may be artificially inflated.

Yet, with nearly 223,000 unique weekly buyers and over 421,000 weekly transactions, it’s clear that Solana remains a key player, especially among collectors who prefer faster and cheaper transaction fees than Ethereum offers.

Polygon (POL)

Polygon (POL), known for its efficiency and low transaction costs, clocked over $10.7 million in sales last week, with wash trades making up only 0.25% of its transactions — far lower than Ethereum or Solana.

Polygon also recorded an impressive 84,532 sellers, indicating that the blockchain is attracting a healthy level of marketplace activity.

Why are NFTs surging again?

The recent surge in NFT sales can be traced to a few key developments, the most notable being a high-profile, yet dubious, CryptoPunk sale and the introduction of innovative NFT features by Telegram.

A flash loan-fueled transaction involving CryptoPunk #1563 recently made headlines when it appeared to sell for an eye-popping $56.3 million on the Ethereum blockchain.

On the surface, this seemed like a monumental sale in a space that has been struggling with lower sales volumes and declining prices.

But a closer look revealed that the sale was anything but legitimate. The buyer of the CryptoPunk used a flash loan — an uncollateralized loan that’s paid back in the same transaction — creating the illusion of a massive purchase.

In reality, the Punk, which had been purchased for just $69,000 in September, was simply transferred between wallets without any real funds changing hands. Despite this, the sale grabbed attention and sparked conversations, renewing interest in the NFT space.

These carefully orchestrated events often attract investors’ attention, especially those who had stepped away from the market amid the broader decline in NFT activity.

The psychological impact of these “sales” can reignite fear of missing out, pulling speculators back into the space as they anticipate that increased attention could lead to real opportunities.

Simultaneously, Telegram’s move into the NFT arena has introduced a more accessible avenue for users to engage with digital collectibles.

On Oct. 5, Telegram launched its new “Gifts” feature — animated images that can be sent to contacts on the platform. But what’s most exciting is that these Gifts are set to be converted into NFTs later this year, with Telegram allowing users to mint these limited-edition assets on the TON blockchain.

This feature builds on Telegram’s previous introduction of its in-app currency, Stars, which users can spend on digital services within the platform. By linking NFTs to social interactions, Telegram is making NFTs more accessible to everyday users.

Telegram’s integration of NFTs is a key development because of its massive user base and the seamless experience it offers. Users will soon be able to convert these digital gifts into NFTs, trade them, and even auction them off, all while staying within the Telegram ecosystem.

While the broader market saw its lowest sales volume since January 2021 in September, these recent events have breathed new life into the sector. Whether this resurgence will hold remains to be seen, but for now, NFTs are back in the spotlight.

What to expect next?

Looking ahead, the NFT space faces some uncertainties, especially with the recent Wells notice issued by the U.S. Securities and Exchange Commission to OpenSea, the largest NFT marketplace. 

On Aug. 28, the SEC signaled its intent to take enforcement action against OpenSea, claiming that some NFTs on the platform may qualify as securities. This could have major implications for the entire NFT ecosystem.

A Wells notice is a formal warning that the SEC might pursue legal action, and while OpenSea has the opportunity to respond, the looming threat creates an atmosphere of uncertainty. 

If the SEC classifies certain NFTs as securities, it could trigger a wave of regulatory scrutiny, not just for OpenSea, but for other platforms and NFT projects. 

The potential for stricter regulations could make some investors hesitant and slow down market growth, especially for projects that don’t have clear legal frameworks in place.

At the same time, the current uptick in NFT sales seems largely fueled by hype. It remains to be seen whether this buzz will translate into long-term growth or if it’s just another short-lived trend.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

NFT

Welcome to the afterlife: 96% of NFT collections considered ‘dead’

Để lại phản hồi

NFT Evening analysts say 96% of 5,000 NFT collections are dead in 2024.

The report reveals the state of the non-fungible token market and its problems in 2024. According to experts, 96% of more than 5,000 existing NFT collections are “dead.” This means that they have zero trading volume, no sales for more than seven days, and no activity on the X social network.

Source: NFT Evening

Analysts note that 4 out of 10 NFT owners currently need to make a profit from their tokens. At the same time, the average lifespan of collections is 1.14 years. This is 2.5 times less than the same indicator for classic crypto projects.

In addition, 2023 was a record year for the number of NFT collapses. During this period, almost 30% of projects from this segment fell into the “dead” category. According to experts, 44.5% of NFT owners face losses.

Source: NFT Evening

The NFT Evening team also identified the most profitable collection to date. It turned out to be the Azuki project, which, on average, increased the investments of token owners by 2.3 times. 

“This success can be attributed to the collection’s strong community engagement, unique artistic appeal, and effective marketing strategies.”

The experts also mentioned the most unprofitable NFT collection — Pudgy Penguins. It experienced a 97% drop in value, which makes it the current record holder for a decrease in owner income.

Experts emphasized that the non-fungible token market has declined, and investors in the segment must act cautiously. In addition, experts believe NFT creators should reconsider their approach to project implementation.

End of an Era

NFTs from popular collections bought on the wave of excitement in 2022 are sold at colossal losses.

For example, Arkham Intelligence calculated that NFTs purchased by pop star Justin Bieber in 2022 worth about $2 million are now worth just over $100,000. The losses reached 94.7%.

The singer’s wallet initially received $2.34 million in Ethereum (ETH). Most of the amount, $1.86 million, went to purchase two Bored Ape Yacht Club (BAYC) and a pair of Mutant Ape Yacht Club (MAYC). The portfolio also included tokens from the World of Women, Doodles, Otherdeed, and Metacard collections. Since then, the assets have lost between 89.7% and 97.4% in value.

In addition, in August, Deepak Thapliyal, the owner of the most expensive CryptoPunk #5822, who purchased the token for 8,000 ETH ($23.7 million at the time of the transaction) in 2022, got rid of the asset without disclosing the sale price. Amidst the excitement in the sector, the deal became the fourth most expensive among all NFTs in 2022.

The community suspected that the token was sold at a loss. The buyer was allegedly user X, who goes by the nickname VOMBATUS. The token was reportedly purchased for 1,500 ETH (~$3.9 million), 80% cheaper than the previous price.

The Rise and Fall of OpenSea

In January 2022, the total volume of non-fungible tokens peaked at over $6 billion. As of July 2024, it had fallen below $430 million. NFTs are still alive, but they are in a bad way.

OpenSea, once the largest NFT marketplace, is in an even worse situation, The Verge notes that claims from the Securities and Exchange Commission and the Federal Trade Commission, U.S. and international tax authorities, increased competition, allegations of discrimination, and employee layoffs.

In addition, OpenSea‘s valuation fell from $13.3 billion to $1.4 billion after one of its largest investors, New York venture capital firm Coatue Management, overvalued its stake in the crypto startup by 90%, from $120 million to $13 million.

However, The Verge notes that the company still has some steam left. An internal document shows that as of November 2023, OpenSea had $438 million and $45 million in crypto reserves. It expects that with this capital and a new business model, it will be able to overcome difficult times.

“It had $438 million in cash and $45 million in crypto reserves as of November 2023, according to an internal document, and it’s coasting on that capital as it hopes a ‘2.0’ pivot will help it navigate choppy seas.”

What will happen to the NFT market?

The NFT market has long been limited to marketplaces like OpenSea or Rarible, where users can issue new NFTs or trade them with others.

There are lending services or platforms for trading derivatives on NFTs from large collections, allowing users to speculate on NFTs without owning them.

However, the bearish dynamics in the non-fungible token market persist, as evidenced by the rapid decline in prices of NFTs from the blue chip collections.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

NFT

NFT bubble burst: Monthly sales, transactions crash

Để lại phản hồi

The non-fungible token industry remained under pressure in August as sales continued falling. 

Total NFT sales dropped by 41% in August to $376 million as the number of buyers and sellers fell by double digits.

Data by CryptoSlam shows that the number of buyers dropped by 29% to 127,913 while the number of sellers fell by 17% to 93,600. 

Additionally, total NFT transactions declined by 50% to 7.4 million, signaling that demand for these assets has waned. 

At the peak in January 2022, total monthly sales were over $6.5 billion while the number of unique buyers and sellers stood at over 1.5 million and over 1 million.

NFT sales, buyers, and sellers | Source: CryptoSlam

Ethereum (ETH) maintained its lead as the most popular chain for NFT traders, handling over $129 million in August, down by 38% from the previous month.

It was followed by Solana (SOL), which handled $78.9 million. Bitcoin’s NFT sales dropped by 50% to $57 million while Polygon (MATIC) fell by 52% to $36 million. 

Mythos Chain saw an improvement in August. It handled $20 million in sales. That’s up by 14% from the previous month. Mythos was led by DMarket, whose sales rose by 17% during the month. 

Some of the most popular NFTs have seen their valuation and sales drop in the past few years. For example, Bored Ape Yacht Club has moved from having monthly sales worth over $50 million in 2022 to just $11 million in August. 

This sharp decline in NFT monthly volume has hurt both investors and marketplaces like OpenSea and Rarible. Data by Dune Analytics shows that OpenSea’s monthly volume in July was just $32 million, down from $641 million in January last year. 

OpenSea monthly volume | Source: Dune Analytics

Other NFT marketplaces like Blur, Magic Eden, and SuperRare have also had weak volume and users in the past few months.

NFT sales have dropped because of the falling prices. CryptoPunks, the biggest NFT collection, has a floor price of $88,839, a 52% drop from the same period in 2023. Bored Ape Yacht Club’s floor price has dropped by 70% in the past 12 months to $29,593 while Azuki has fallen by 20%.

The top gainers in the same period were Pudgy Penguins and Milady whose floor prices jumped by 166% and 121%, respectively. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

NFT

Pudgy Penguins floor price rises as key metrics improve

Để lại phản hồi

Pudgy Penguins, the viral Ethereum Non-Fungible Token collection, has defied the gloom in the industry in August. 

Data by CryptoSlam and Dune Analytics shows that its key metrics performed well even as the sector came under intense pressure. 

Total sales jumped by 29% in August to over $8.6 million as the number of transactions jumped by 73% to 348. 

Additionally, the number of buyers and sellers rose by 73% and 39% to 176 and 205, respectively. The average number of days held also rose slightly by 5% to 85.5.

While Pudgy Penguins sales rose in August, they remain sharply lower than their all-time high of $99.2 million in August 2021. They were also lower than the March high of $26.5 million

Pudgy Penguins Get Pricey

The prices of Pudgy Penguin NFTs are also rising.

According to Dune, the floor price rose by 30% in August to 10.66 ETH and 166% from the same period in 2023. Floor price refers to the lowest price that an NFT is being sold in marketplaces. 

Pudgy Penguins is one of the three blue-chip NFT collections that has seen its floor price rise in the past 12 months. Milady’s floor price has jumped by 121% while Doodles has risen by 12%.

The floor price of other popular blue-chip NFT collections like CryptoPunks, Bored Ape Yacht Club, Azuki, and Mutant Ape Yacht Club has dropped by over 50% in the last 12 months as their demand has waned.

According to NFT Evening, 96% of all NFTs have “died,” with four out of 10 holders being in loss. Additionally, the average lifespan of an NFT has dropped to 1.14 years, much lower than other crypto assets.

NFT floor prices | Chart by Dune Analytics

Pudgy Penguins, founded by entrepreneur Luca Schnetzler (aka Luca Netz), has done well even as the total sales, transactions, and NFT users have continued to fall.

Total NFT sales in August dropped by 41% to $376 million, down from an all-time high of over $6 billion.

Pudgy Penguin’s sales rose a month after the developers secured $11 million funding from a group of investors to build a layer-2 network. The funding came from Founders Fund, Peter Thiel’s venture company. 

The developers have also launched branded toys that are being sold in popular retailers like Walmart and Target.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

NFT market up 23% in weekly sales; Ethereum leads charge

Để lại phản hồi

The non-fungible token market experienced a 23.4% jump in sales between Aug. 19 and 24. Ethereum currently dominates the landscape, followed by Solana and Polygon.

In the past week, CryptoSlam data shows sales volumes in the broader NFT market soared by 23.4%, to settle at just under $100 million. The uptick in activity was accompanied by a nearly 43% increase in NFT buyers, totaling 468,822, and a 41% rise in sellers, reaching 223,433.

Furthermore, the market registered more than 1.8 million transactions, with NFT traders showing growing interest in blue-chip collections and emerging projects.

Ethereum maintains stronghold

In terms of individual blockchain performances, Ethereum (ETH) once again solidified its position as the dominant blockchain for NFTs, with sales reaching $36.4 million. This was a 34% increase from the previous week.

As was the case in the previous week, Solana (SOL) and Polygon (MATIC) also had impressive performances, making big contributions to the NFT market’s overall growth in the past week. Solana recorded $18.45 million in sales, reflecting a 14.70% increase, with an astounding 61.18% rise in buyers to 202,167.

On the other hand, the weekly sales volume on Polygon increased by more than 90%, to $12.49 million. The number of NFT buyers on the blockchain also rose by 37.77% to 84,505.

Notable NFT sales and collections

The week’s NFT activity was also marked by some major individual NFT sales. For instance, on Arbitrum (ARB), the gETH Locked Deposit #158 fetched an impressive $256,513, making it one of the highest sales of the week. 

Ethereum’s Zoth_Nibiru_Pool1 #4 also made headlines with a $250,000 sale, while Solana’s BOOGLE #61 boasted the third-highest price tag of the week at $201,200.

CryptoPunks, DMarket shine

In terms of collections, CryptoPunks — built on Ethereum — took top spot after it attracted more than $7.4 million in weekly sales. The amount came from just 102 transactions — a 292% rise from last week’s numbers. 

Meanwhile, on the Mythos chain, DMarket generated $4.99 million in sales across 195,143 transactions, cementing its place as a significant player in the NFT ecosystem.

Bored Ape Yacht Club maintained its relevance with a 21.46% increase in sales, pushing the amount raked in to $3.58 million. 

Although sales of NFTs from The Guild of Guardians collection on Immutable (IMX) dropped by 12.25%, it still managed to stay in the top five, with slightly more than $3 million earned.

Finally, rounding up the top five collections by sales volume was Sorare, which continued its run with about $2.6 million in sales. However, the figure was a 27% drop from last week. The plunge was also witnessed in the number of transactions, which went down by more than 12%, according to CryptoSlam.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

SuperRare suffers reversal due to weak on-chain data

Để lại phản hồi

SuperRare’s price experienced a sharp reversal due to profit-taking after the token’s parabolic rise of over 500% between August 5 and August 15.

The SuperRare (RARE) token retreated to $0.2280, down by over 34% from its highest point on Sunday, Aug. 18. This downturn was primarily driven by profit-taking, as the recent surge lacked a substantial catalyst. Additionally, the token dropped after on-chain data revealed that the SuperRare Treasury transferred 7.5 million tokens to Binance. Typically, moving tokens to an exchange signals an intention to sell.

Fundamentally, SuperRare and other Non-Fungible Token (NFT) platforms like OpenSea and Rarible are struggling as trading volumes continue to decline.

Data from Dune Analytics indicates that SuperRare’s monthly volume has plummeted to a record low. After reaching over $36 million in August 2021, the volume fell to under $1 million in July. This declining trend over the past two years led the company to reduce its workforce in 2023.

SuperRare monthly revenue | Source: Dune Analytics

Similarly, OpenSea’s monthly volume dropped to $32 million in July from $643 million in Feb. 2023. 

Additional data from CryptoSlam shows that global NFT sales volume has decreased by 37% in the last 30 days, totaling $387 million. At its peak, the industry was handling billions of dollars weekly, driven by popular collections like Bored Ape Yacht Club, Azuki, Art Blocks, and CryptoPunks.

SuperRare’s price surge also pushed its futures open interest to a record high of $112 million. Notably, the token had no open interest in the futures market for several days this month.

SuperRare price analysis

SuperRare price chart | Source: TradingView

The daily chart shows that the RARE price went parabolic, trending on social media platforms like X and StockTwits. It peaked at $0.3460, the highest level since May 2022.

As it surged, the token broke through the key resistance point at $0.2384, which was its highest swing in March this year. It also moved above the 50-day moving average, while the Money Flow Index rose to the overbought level.

Given these factors, the token’s outlook appears bearish as many traders may begin to exit their positions. If this trend continues, the price could drop to the key support level at $0.1626, which was its highest swing on May 12 and 30% below its August 19 low.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

NFT buyer activity surges over 173% as sales volume dips

Để lại phản hồi

This past week, the overall non-fungible token market was a mixed bag.

NFT sales volume dropped by 11.92%, totaling $81.8 million, while the number of NFT buyers increased by 173.25% to 327,594.

Let’s take a look at some of the key metrics that characterized the NFT market over the last seven days based on data from CryptoSlam.

Key blockchain performances

Ethereum (ETH) continued its dominance in terms of NFT sales volume. Despite a more than 10% drop from the previous week, the network still managed to rake in over $28 million — a figure accompanied by a notable rise in buyer activity, which went up 42.5%.

Solana (SOL) came in second after it generated more than $16 million in NFT sales. However, the figure represented a 15% decline, even though the network witnessed a staggering 245.93% increase in buyers. It also saw a nearly 6% drop in wash trading activities.

Bitcoin (BTC) maintained the third spot for a third week running, even though the $13.8 million it brought in reflected a 6.1% drop from the previous week’s numbers. 

Wash trading on the network went up by more than 4%, although the $410,863 realized from that activity pales in comparison to other blockchains. For instance, fourth-placed Polygon (MATIC) had the highest amount of funds from wash trading at $9.1 million. The amount was markedly higher than the $6.6 million that came into Polygon from owner to owner NFT sales.

Rounding out the top five is Mythos Chain, which experienced the steepest decline in NFT sales volume, plummeting almost 30% to just north of $5 million.

Notable collections and sales

Coming to NFT collections, Mythos Chain surprisingly produced the best-selling NFT collection of the week, with its DMarket collection raking in $4.99 million in sales across seven days.

However, the amount was still a nearly 30% plunge from last week’s levels, with the number of transactions recorded for the collection also dropping 33%.

Meanwhile, second-placed Sorare, hosted on Ethereum, showed resilience, with sales going up 8.3% to $3.65 million. The number of transactions for the collection also went up by almost 8%, while buyer activity increased by more than 10%. 

The uptick in activity coincides with the start of popular European soccer leagues including the Premier League and La Liga, which may have caused renewed interest in the fantasy sports platform.

However, the standout performer of the week was Bitcoin’s Uncategorized Ordinals, which saw a staggering 864.66% increase in sales to $3.1 million.

Top NFT sales of the week

In terms of sales of individual NFT pieces, one of the most notable transactions was that of an Uncategorized Ordinal on Bitcoin which sold for a whopping $2.4 million.

In contrast, Ethereum’s Bored Ape Yacht Club #2579 sold for $342,542, a pretty huge amount but dwarfed by the Ordinal sale. Other notable transactions in the week included Solana’s Froganas #4559, which fetched $82,689, and a BNB Paraluni Perpetual Bond, which sold for $134,751.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

NFT market review: Buyers surge, sales decline over 12.6%

Để lại phản hồi

After three straight weeks of improvement, the non-fungible token market saw a drop in sales volume tempered by a notable increase in buyer activity.

The past seven days have been eventful in the NFT landscape, marked by mixed signals across various metrics. While overall sales volume declined, the number of buyers surged, hinting at a potential shift in market dynamics.

Data from CryptoSlam shows that this week there was a 12.61% decrease in NFT sales volume, totaling $90.98 million. Additionally, the number of NFT transactions dropped significantly by 26%, reaching just over 2.14 million. 

That reduction could suggest a cooling period following previous high-activity weeks, possibly influenced by the volatility in the broader crypto market.

Growing interest among buyers

Despite the downturn in sales volume and transactions, the number of buyers rose impressively by 25%, totaling 875,892. 

This uptick in buyer activity, accompanied by a 21.02% increase in sellers (311,910), may be taken as an indication of a broadening base of market participants. 

The growing interest among buyers, even amid declining sales, could also signal the start of a maturation phase in the NFT ecosystem, where more individuals are exploring and experimenting with digital assets.

Ethereum, Solana lead the blockchain pack

As has been customary in the last few weeks, Ethereum (ETH) maintained its position as the top blockchain by NFT sales volume, generating $34.41 million, marked by a 9.65% decrease in wash trading. 

Notably, the platform’s sales volume fell by 20.42%, reflecting the broader market slowdown. However, the buyer base on Ethereum expanded by 35.40%, reaching 62,384, suggesting continued strong demand for NFTs on the platform.

Solana (SOL) followed with $17.51 million in sales, experiencing a significant 32.41% drop. Despite this, the network saw a 129.18% increase in wash trading, indicating a mixed signal in market behavior. Additionally, its buyer count stood at 388,834, reflecting a healthy 34.53% growth. 

Meanwhile, Bitcoin (BTC) and Polygon (MATIC) also saw notable activity, with Polygon’s remarkable 540.41% increase in wash trading standing out as a key development.

Notable NFT collections and sales

Regarding NFT collections, Sorare on Ethereum topped the charts with $3.83 million in sales, a 41.30% increase from the previous week. 

The surge is evidence of the growing popularity of sports-related NFTs, especially as the fantasy sports season ramps up, with popular soccer leagues across Europe due to return to action in the coming weeks.

The DogeZuki Collection on Solana and Guild of Guardians Heroes on Immutable-Zk also made headlines, with sales reaching $3.51 million and $3.38 million, respectively. 

However, the most eye-catching performance came from the Bored Ape Yacht Club (BAYC), which saw a staggering 150.21% increase in sales, totaling $3.23 million. 

The flurry of activity on BAYC seems to have been instigated by Ape Finance’s launch of a Bored Ape meme coin as suggested by the official CryptoSlam X account.

That jump, accompanied by a 132.56% rise in transactions, pushed BAYC back among the top 5 biggest collections by sales volume after missing out in the last couple of weeks.

Top sales and market highlights

Among the week’s top sales, CryptoPunks #2601 led with a sale price of $212,568, demonstrating the enduring appeal of iconic NFT collections. 

A gUSDC Locked Deposit on Arbitrum (ARB) sold for $183,348 while a LockDealNFT on BNB (BNB) went for $149,035.

Other notable sales included an item from Bitcoin’s Ordinal Maxi Biz, which fetched $82,720, and a Polygon’s Stead #1 that changed hands for $70,227.

As the NFT market navigates through its ever-changing landscape, these fluctuations in sales and buyer behavior highlight the complexity and dynamism of the space. 

While overall sales volume may have dipped, the increasing number of buyers signals a growing interest in digital collectibles, potentially setting the stage for future growth and innovation.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

NFT market week in review: surge in activity and notable sales drive market momentum

Để lại phản hồi

The NFT market saw a significant boost in activity this week, with a 48% rise in buyers and several high-profile sales.

In an eventful week for the NFT market, the Ethereum (ETH) and Solana (SOL) blockchains maintained their dominance, with digital collectibles on these chains seeing significant sales and capturing the attention of buyers and sellers alike.

According to data from CryptoSlam!, the NFT landscape saw notable growth, with overall sales volumes reaching $107,965,224, marking a 7.05% increase from the previous week.

The rising number of buyers and sellers also reflected the overall health of the market. This week, more than 721,000 buyers entered the market, a 48.05% increase, while nearly 263,000 sellers represented a 32.74% rise.

The total number of NFT transactions also saw a boost, reaching 2,870,607, a 10.69% increase on the week.

Blockchain highlights

As shown in the snapshot below from CryptoSlam, Ethereum remained the top blockchain by NFT sales volume, generating $32.6 million in sales, a 7.54% increase over the week.

Blockchains by weekly NFT sales volume | Source: CryptoSlam

Despite the growth, wash trading on the network accounted for 18% of the total sales volume. Additionally, the blockchain recorded 46,043 buyers, a 30.63% increase from the previous week.

Solana followed closely with $26,710,307 in sales, experiencing a 14.76% rise. The blockchain saw a remarkable 53.33% increase in buyers, totaling 289,036. Its wash trading volume constituted 5.4% of its total sales.

Bitcoin (BTC) maintained third position, even as it registered a nearly 17% drop in sales volume to rake in $17,417,258. Interestingly, the number of NFT buyers on the network increased by 46.47% to 35,091.

In fourth spot, Polygon (MATIC) generated $11.3 million in sales, with a notable 31.49% increase. NFT buyers on the blockchain rose by 48.75% to 147,368, while wash trading was relatively low at 2.39%.

Immutable (IMX) stayed in fifth place for the second week running. It witnessed about $6.7 million in sales, up 21.26%, with buyers increasing by 39.33% to 14,419. 

Furthermore, the blockchain had the least amount of reported wash trading among the top 5 NFT networks by sales volume, at only $397.

Top NFT collections

Regarding best-performing NFT collections, the Solana Monkey Business collection on Solana led the rankings with $4,630,626 in sales, followed by DMarket on Mythos with $4,174,797. 

The DogeZuki Collection on Solana also made notable gains, securing $3,246,797 in sales. The Guild of Guardians Heroes on Immutable-Zk saw an astonishing 264.18% increase, generating $3,012,724.

Gods Unchained Cards on Immutable rounded out the top five with $3,006,298 in sales, a 17% dip from the previous week.

Notable NFT sales

Several high-profile NFT sales made headlines this week:

  • ORDI BRC-20 NFT sold for a staggering $877,068.09 (13.0294 BTC).
  • Uncategorized Ordinals NFT fetched $297,102.89 (4.454 BTC).
  • CryptoPunks #335 sold for $164,170.73 (49.99 ETH).
  • CryptoPunks #9825 changed hands for $130,938.00 (38 ETH).
  • CryptoPunks #3613 sold for $128,868.50 (37 ETH).

Market insights

Some market analysts have attributed the surge in activity to growing investor confidence and increased interest in digital collectibles. The rise in unique buyers suggests a broadening base of participants, indicating healthy market growth.

However, the high levels of wash trading on certain blockchains raise concerns about market manipulation and the need for better regulatory oversight.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News