NFT Market Sees 8% Growth to $129.1 Million; Pudgy Penguins Experience 15% Increase

Summary: The NFT market has shown robust growth, with total sales increasing by 8.13% to reach $129.1 million. This growth marks the third consecutive week of rising sales, even as the broader crypto market faces some challenges.

Key Takeaways

NFT sales rose by 8.13% to $129.1 million.
Buyer participation surged by 112.37%, totaling 587,381, while sellers rose by 140.76%, reaching 496,112.
Ethereum remains the leader in sales, followed closely by Binance's BNB Chain.
Pudgy Penguins have seen a notable increase of 15% in their sales.

The NFT market has recorded impressive growth, with sales volumes climbing 8.13% to hit $129.1 million. This marks the third week in a row that the market has shown gains, despite difficulties in the wider cryptocurrency landscape.

According to data compiled by CryptoSlam, market activity has broadened, with the total number of NFT buyers increasing by 112.37%, totaling 587,381. Concurrently, the number of sellers surged by 140.76% to reach 496,112. However, it's worth noting that NFT transactions overall decreased by 7.99%, bringing the total to 2,088,311.

The market is experiencing some volatility, particularly as Bitcoin's price has dropped to around $119,000, while Ethereum has also fallen to the $4,000 mark. Currently, the global cryptocurrency market capitalization stands at $3.78 trillion, down from $4.04 trillion last week.

NFT market growth image

BNB Chain Climbs to Second Place

Ethereum continues to hold the top spot in NFT sales with $45.2 million, representing a slight growth of 1.49%. However, the fraudulent activity related to "wash trading" on Ethereum has decreased by 10.26%, now totaling $8.9 million.

BNB Chain has risen to second place with sales reaching $25.5 million, an impressive increase of 197.21%.

NFT market sales by blockchain

As for other blockchains, Base ranks third with $13.7 million in sales, despite a minor drop of 0.02%. Mythos Chain remains in fourth place with $11 million after a decline of 11.11%. Bitcoin follows in fifth with $7.8 million, down 25.73%. Immutable ranks sixth with $6.3 million, falling by 24.83%. Solana comes in seventh with $5.2 million in sales, down 28.38%, while Polygon rounds out the top eight with $4.1 million, declining by 29.45%.

Notably, the number of buyers has increased across most platforms, with Ethereum showing the most significant growth at 129.93%. BNB Chain logged a 10.49% increase, while Solana enjoyed a 38.59% rise in buyers.

Pudgy Penguins See 15% Increase

On the collections front, Vesting NFT on BNB Chain leads the pack with $17.9 million in sales, maintaining its position from the previous period. The collection's performance is considerably influenced by a single seller who has attracted 22 buyers.

DX Terminal on Base sits in second place with $8.6 million, although it has experienced a decrease of 3.55% in sales, alongside a 17.18% drop in buyers and a 16.64% decrease in sellers.

DMarket ranks third with $5.9 million in sales, down 17.73%. Moonbirds follows in fourth with $5.5 million, a rise of 30.44%. DKT NFT on BNB Chain is in fifth place with $3.6 million, showing a slight decline of 3.49%, while Panini America holds sixth place with $3.6 million, a significant increase of 40.19%.

Guild of Guardians Heroes ranks seventh with $3.5 million, down 23.82%, and Pudgy Penguins completes the top eight with $3.4 million, reflecting a 15.21% increase.

The week has featured some noteworthy high-value sales across various collections, indicating continued interest in the NFT market.