The NFT market has seen a significant boost in activity, with weekly sales jumping 22.5% to $93 million, up from last week’s $77.6 million. This rise reflects growing interest in NFTs and signals a gradual recovery in the broader crypto market.
- nft revolution
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- 21 Oct 24
NFT Sales Hit $93M as Ethereum Overtakes Bitcoin in Weekly Volume
The NFT market has seen a significant boost in activity, with weekly sales jumping 22.5% to $93 million, up from last week’s $77.6 million.
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One of the most notable developments this week is Ethereum surpassing Bitcoin in terms of NFT sales volume. Ethereum’s NFT sales surged by over 30%, reaching $33.4 million, up from $26.6 million last week. In contrast, Bitcoin saw a slightly higher percentage increase of 36%, but its total sales volume lagged behind at $21.6 million.
Despite the promising numbers, wash trading continues to be an issue. Ethereum experienced $5.3 million in wash trading activity, significantly more than Bitcoin’s $902,000.
Meanwhile, Solana has maintained its position as the third-largest network for NFT sales, recording $16.6 million in volume. Additionally, the number of Solana NFT buyers skyrocketed by 220%, rising from 60,115 to 192,543 over the past week.
Other notable networks include the Mythos Chain, which saw $5.5 million in NFT sales, and Polygon (formerly MATIC), which generated $3.9 million in sales.
Ethereum vs. Bitcoin
While Bitcoin has historically dominated the overall crypto market, Ethereum has been outperforming it in the NFT sector. Over the past week, Ethereum’s total NFT sales volume of $33.4 million far exceeded Bitcoin’s $21.6 million, solidifying Ethereum’s leadership in the space.
Top NFT Sales
Several high-value NFT transactions took place over the past week, with collections like Ordinal Maxi Biz and CryptoPunks leading the way. Some of the standout sales included:
- Ordinal Maxi Biz #882b65 sold for $109,079 (1.5942 BTC).
- Ordinal Maxi Biz #32b13f sold for $91,085.87 (1.3371 BTC).
- CryptoPunk #6409 sold for $79,237.16 (29.99 ETH).
Market Leaders
For the third week in a row, DMarket topped the charts for NFT sales, bringing in $5.2 million. However, this was a 30% drop from the previous week’s $8.02 million. Uncategorized Ordinals followed closely behind with a staggering 1,800% increase in sales, reaching $4.86 million.
For further details, visit CoinRadar.
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