NFT Market Recovers as Sales Total $152.9M
Despite general crypto market weakness, the NFT market has held strong, with sales volume up 19.6% at $152.9 million, according to CryptoSlam data. The growth in transactions and new participants signals widening market activity.
The broader crypto market remains under pressure, with Bitcoin falling to $96,000 and Ethereum just managing to stay below $2,700 at $2,600. The overall crypto market capitalization has fallen to $3.18 trillion from last week’s $3.24 trillion. Increased market participation reflects optimism despite price volatility.
Top NFT Market Metrics
- Sales Volume: $152.9M (+19.6%)
- Buyers: 335,666 (+64.53%)
- Sellers: 237,123 (+49.3%)
- Transactions: 1,574,998 (+4.73%)
- Ethereum NFTs Lead Market Growth
Ethereum NFTs increased the most, rising 42.71% to $79.1 million. Buyer activity increased 36.09% to 41,619, with wash trading rising 44.66% to $37.5 million. The rising transactions point to renewed investor confidence.
Bitcoin NFTs ranked second with $20.6 million in sales, despite dropping 26.59%. Buyer numbers, however, increased 40.65% to 23,097, which points to a broader base of investors entering the market.
Other blockchain performance:
- Mythos Chain: $15.4M (+4.25%)
- Solana: $10.9M (+13.86%)
- Polygon (formerly MATIC): $9.2M (+23.35%)
Doodles Ranks Second in NFT Collections
DMarket held on to the top NFT collections, with $10.2 million in sales (+6.59%), 344,394 transactions, and 24,012 buyers.
Doodles rose 32.8% to $9.9 million, ranking second, displacing Pudgy Penguins to third, despite an 83.01% increase to $8.8 million. Pudgy Penguins’ transaction volume more than doubled, indicating revived interest among investors and collectors.
Other top collections:
- Courtyard: $8.2M (+23.52%)
- LilPudgys: $6.3M (+133.39%)
Notable NFT Sales
The week also saw notable NFT sales, led by the CryptoPunks collection:
- CryptoPunks #7685: $166,289 (60 ETH)
- CryptoPunks #3963: $139,515 (50 ETH)
- CryptoPunks #5774: $122,773 (44 ETH)
- CryptoPunks #9813: $121,059 (44.99 ETH)
- CryptoPunks #8046: $120,659 (44.69 ETH)
High-value transactions continue to indicate the strong demand for premium NFTs, solidifying their position as alternative digital assets.
Conclusion
Amidst cryptocurrency price weakness, the NFT market is running hot with significant sales volume and buyer participation increasing. Ethereum dominates, while Doodles’ dominance reflects shifting collector interest. Fresh buyers entering, increasing transactions, and record sale metrics all indicate good market sentiment. Chalking up large sales and high transaction volumes, the NFT market is proving resilient in the face of overall market volatility.
