NFT Market Sees Modest Recovery as Bitcoin Reaches $105k

The NFT market has experienced a gentle rebound, with sales volume showing a slight increase. Meanwhile, Bitcoin's price has hit a significant milestone.

Key Takeaways

NFT sales rose by 1.95% to total $106.2 million, following a drop last week.
Bitcoin's price soared to $105,000, while Ethereum remains stable.
NFT buyers increased by 55.08%, marking a total of 826,992 buyers, despite a drop in total NFT transactions.
Ethereum still leads the NFT market with $30.3 million in sales, although it has seen a decrease this week.
Immutable has surged past Bitcoin in NFT sales, growing by 123.21%.

NFT market makes a modest comeback as Bitcoin hits $105k level

Main Content

The NFT marketplace has shown a modest recovery, with sales volume climbing by 1.95% to hit $106.2 million. This follows a decline from the previous week, indicating a stabilization in the market.

As of now, Bitcoin's price has surged to the $105,000 mark. In comparison, Ethereum has not shown any significant fluctuations over the past week. The total global crypto market cap has risen to $3.28 trillion, an increase from $3.25 trillion the prior week.

Data from CryptoSlam reveals that participation in the NFT space is on the rise, with the number of NFT buyers jumping by 55.08% to 826,992. At the same time, NFT sellers have also grown, up 18.12% to 257,017. However, the overall number of NFT transactions has decreased by 24.94%, coming in at 1,651,758.

Ethereum remains in the lead with $30.3 million in sales, although this represents a 15.57% decline from the previous week. The wash trading activity for Ethereum has risen by 11.33% to $1.8 million.

In a surprising turn, Immutable has surged into second place with $16.4 million in sales following impressive growth of 123.21%. Bitcoin ranks third with $15.1 million, reflecting a 17.81% growth. Mythos Chain occupies the fourth position with $14 million, marking an increase of 3.26%, while Polygon has slipped to fifth place with $13.9 million, a decrease of 7.72%. Rounding out the top six, Solana has earned $6.1 million, representing a drop of 13.31%. Buyer numbers have increased across all major blockchains, with Polygon leading growth at 54.25%, followed by Solana at 34.99% and Bitcoin at 33%.

In terms of collection rankings, Courtyard on Polygon remains at the top with $12.5 million in sales, despite a significant decline in sellers, which has dropped by 77.08%. Guild of Guardians Heroes has climbed into second place with $10.6 million in sales, showing remarkable growth of 108.92%. DMarket holds third place with $8.9 million, a slight increase of 6.11%. Guild of Guardians Avatars now sits in fourth place with $5 million, representing a surge of 129.32%. Bitcoin’s BRC-20 NFTs complete the top five with $4.8 million, experiencing increases in transactions (10.07%), buyers (4.74%), and sellers (2.96%).

Notably, CryptoPunks has slipped to sixth place with $3.5 million in sales, marking a decline of 22.23%. This collection has faced reductions in transactions by 13.79% and sellers by 36.36%, while the number of buyers has remained stable.

This week's high-value sales highlight the ongoing dynamics in the NFT space, demonstrating both recovery and challenges as the crypto landscape continues to evolve.