As Bitcoin continues to face resistance near the $100,000 mark, the NFT market experienced a 1.6% drop, with total trading volume settling at $146.5 million.
While Bitcoin (BTC) trading at $96,800, Ethereum (ETH) showed surging strength 3.5% in the last 24 hours to claim the $3,700 level. The global cryptocurrency market capitalization expanded to $3.42 trillion from last week’s $3.35 trillion. This marks an increase of 2.5% over the last day.
According to the latest data from CryptoSlamwhile overall sales are down, individual blockchain networks are showing signs of recovery:
- NFT (non-fungible token) the sales volume fell from last week $160.9 million.
- NFT buyers increased to 574,853, marking an increase of 27.57%.
- NFT sellers increased to 342,382, showing a growth of 23.21%
- NFT transactions decreased by 11.22% to 1,424,770.
Ethereum and Bitcoin are showing signs of recovery
The Ethereum NFT blockchain showed resilience with $51.3 million in sales, marking an increase of 2.87%.
The network saw 49,462 buyers, representing a healthy growth of 17.33%. In particular, the wash trade on Ethereum increased by 16.02% to $9.1 million, suggesting an increase in market activity.
Bitcoin’s NFT ecosystem has maintained strong momentum. The network recorded $48.2 million in sales volume, an increase of 6.58%. The network saw a decent increase in buyer participation, with 54,903 active buyers marking an increase of 28.89%.
Solana (SOL), while maintaining its third position, experienced a major decrease of 37.86%, with sales falling to $15.7 million. However, the network continues to show strong user engagement with 230,954 buyers.
Mythos Chain secured the fourth position with $10.6 million in sales, showing a marginal decrease of 1.66%. However, ImmutableX (SMEs) rounded out the top five with $7.1 million in sales, showing a 14.22% increase.
BRC-20 and the new collections lead the charts
The BRC-20 NFTs continue to dominate with $15 million in sales despite a 10.69% decrease. Ordinals Uncategorized secured second place with $10.3 million in sales. Their sales have also seen an increase of 81.86% in the last seven days.
The Bored Ape Yacht Club is back in the rankings, taking third place with $7.7 million in sales, which shows a strong increase of 60.30%.
CryptoPunks followed closely behind with $7.7 million, despite a 14.56% decrease.
The latest data shows several large individual NFT sales:
- Uncategorized Ordinals #cb0 sold for $6,069,273 (63.4315 BTC)
- Uncategorized Ordinals #486 sold for $3,583,816 (38.8087 BTC)
- Bored Ape Chemistry Club #0 sold for $199,156 (59.84 ETH)
- CryptoPunks #9663 sold for $197,113 (55 ETH)
- Axie Infinity #115792089237 sold for $178,651 (52 ETH)
NFTs continue to evolve
In 2024, NFTs will expand their utility through integration with gaming and DeFi, enabling in-game assets and serving as collateral in decentralized financial platforms.
Corporations are adopting NFTs for promotional campaigns, loyalty programs and revenue generation, while hybrid and real asset tokenization bridges the gap between the physical and digital realms.
Cross-platform interoperability is on the rise, allowing NFTs to function seamlessly across different ecosystems. Sustainability efforts are tackling environmental issues, with greener blockchain solutions gaining traction.
In addition, AI-enhanced NFTs are emerging, enabling personalized and interactive experiences, showing the evolution of NFTs beyond mere digital collectors.
It’s worth noting that the current surge in NFT sales seems largely hype-fueled. It remains to be seen if this trend will translate into long-term growth or if it will be a short-lived moment.
