NFT Sales Jump 10.6% to $115 Million; Doodles Surge by 500%

The NFT market is showing promising signs of growth, with sales increasing by 10.69%, reaching a total of $115 million. According to data from CryptoSlam, this marks the second consecutive week of upward movement for this sector.

Key Takeaways

NFT sales rose by 10.69% to $115 million, marking two consecutive weeks of growth.
Bitcoin and Ethereum have both shown significant price recoveries.
The overall number of NFT buyers and sellers has sharply declined, leading to a decreased transaction volume.
Ethereum leads sales among blockchains, while Doodles has notably surged in sales by nearly 500% due to the launch of its native token.
The rankings of top NFT collections show major shifts, indicating a dynamic market landscape.

NFT sales rise 10.6% to $115m, Doodles rally 500%

Bitcoin has bounced back to the $103,000 mark, while Ethereum has experienced a significant recovery of 35% over the past week, stabilizing around $2,400. Currently, the global crypto market capitalization stands at $3.33 trillion, a rise from the previous week's $3 trillion.

However, it is important to note that, despite the increase in sales, the number of participants in the market has sharply declined. The count of NFT buyers has plummeted by 76.8%, resulting in 126,075 active purchasers. Meanwhile, NFT sellers have decreased by 74.42%, totaling 72,336. Additionally, the overall number of NFT transactions has dipped by 11.57%, bringing the total to 1,524,846 transactions.

Ethereum has solidified its leading position with $37.5 million in sales, up 54.17% from the prior week. Moreover, wash trading for Ethereum has surged by 50.24%, reaching $4.9 million.

Polygon continues to hold the second position despite an 8.08% drop in sales, amounting to $19.1 million. Mythos Chain follows closely in third place with $15.6 million in sales, while Bitcoin has reclaimed fourth place with sales of $14 million, reflecting a 4.65% increase from last week. Rounding out the top five, Solana has recorded a sales volume of $7.9 million, marking a 5.71% decrease.

The number of buyers has declined across all major blockchains, with Bitcoin experiencing the steepest drop of 86.99%. Solana and Mythos Chain followed, with decreases of 86.51% and 76.68% respectively.

In the rankings of collections, Courtyard on Polygon remains the leader with $17.4 million in sales, although the number of sellers has fallen by 42.18%. DMarket holds the second position with sales of $10.5 million, reflecting a 4.59% increase. Guild of Guardians Heroes remains in third place with $5.6 million in sales, showing a 15.44% increase.

One of the most remarkable changes in rankings this week involves Doodles, which has surged to fourth place with $5.6 million in sales, translating to a staggering 490.68% increase in just seven days. The collection has shown growth in all areas, with the number of transactions increasing by 769.68%, buyers up by 618%, and sellers up by 469.57%. This dramatic rise is likely attributed to the launch of their native token, DOOD.

CryptoPunks has climbed to fifth place with $3.5 million in sales. This collection has also seen growth in transactions (18.52%), buyers (83.33%), and sellers (15.79%).