NFT Sales Reach $93 Million, Ethereum Surpasses Bitcoin

The non-fungible token (NFT) market has experienced a significant surge, with weekly sales volume climbing to $93 million, marking a 22.5% increase from the previous week's $77.6 million. This growth comes as the broader crypto market shows signs of recovery, with various metrics indicating a positive trend in NFT activity.

Ethereum Takes the Lead

In a notable shift, the Ethereum network has dethroned Bitcoin in terms of NFT sales volume over the past week. Ethereum's sales volume jumped from $26.6 million to $33.4 million, while Bitcoin's sales also increased by 36% to $21.6 million. However, Ethereum's figures included $5.3 million attributed to wash trading, significantly more than Bitcoin's $902,000.

Surge in NFT Buyers and Sellers

The number of NFT buyers has nearly doubled, rising from 263,804 to 494,666. Similarly, the number of NFT sellers increased by 108%, reaching 252,401. This uptick suggests a growing interest and participation in the NFT market.

Solana and Other Networks Maintain Strong Positions

Solana remains a strong contender, maintaining its third position in NFT sales with a volume of $16.6 million. Additionally, Mythos Chain and Polygon follow, with $5.5 million and $3.9 million in sales, respectively. Solana also saw a remarkable 220% increase in the number of NFT buyers, reaching 192,543.

DMarket Continues to Dominate Sales Rankings

DMarket has retained its top position in NFT sales for over three weeks, achieving $5.2 million in sales, although this is a decrease from the previous week's $8.02 million. The collection "Uncategorized Ordinals" has surged by 1,800% in sales, now at $4.86 million.