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NFTs maintain upward momentum, sales volume exceeds $107m

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Non-fungible tokens, or NFTs, saw an uptick in sales volume for the second consecutive week, reaching $107 million — an 8.5% increase.

A substantial increase in the number of NFT buyers accompanied this growth, reaching 488,141 — a staggering 89.56% rise.

On the other hand, the number of NFT sellers also rose by 69.8%, totaling 198,450, signaling an improved trading environment and heightened market engagement.

Below is a breakdown of what happened in the NFT market over the past week.

Ethereum maintains lead while Solana, Bitcoin follow

NFTs maintain upward momentum, sales volume exceeds $107m - 1
Blockchains by weekly NFT sales volume | Source: CryptoSlam

Over the last few weeks, Ethereum (ETH) continued to dominate the NFT market with $36.6 million in total sales, bolstered by 35,236 buyers—a 46.31% increase from the previous week. 

Solana (SOL) emerged as a strong contender, recording $26.15 million in total sales, thanks to a substantial 114.07% increase in buyers.

The Bitcoin (BTC) NFT market also saw a notable rise, with total sales hitting $21.4 million, driven by a staggering 222.29% increase in buyers.

Polygon (MATIC), which registered the second-best performance in the previous week, saw its total sales volume drop by more than 15%, pushing it down to the #4 spot just ahead of Immutable (IMX).

Other notable performances came from Zora and Blast, which registered the two highest percentage increases in sales volume at 463% and 227%, respectively.

Top collections: Solana Monkey Business shines

NFTs maintain upward momentum, sales volume exceeds $107m - 2
NFT collection rankings by weekly sales volume | Source: CryptoSlam

Among the top NFT collections, Solana Monkey Business led the pack with $4.86 million in sales, representing a 168.38% increase. The collection also saw a significant uptick in transactions (137.34%) and the number of buyers (130.84%). 

Close behind was the DMarket collection on the Mythos blockchain, which recorded $4.01 million in sales. Interestingly, it was the only collection among the top 5 by sales volume that registered drops in the numbers of transactions and buyers.

Immutable’s Gods Unchained Cards also made headlines with $3.8 million in sales, reflecting a 61.35% increase. This collection saw notable growth in transactions (76.31%) and buyers (41.21%), showcasing the rising popularity of blockchain-based trading cards.

Top-selling NFTs and fan tokens

In terms of individual sales, Ethereum’s Autoglyphs #167 led with a sale of $274,561, followed by Bitcoin’s Protoshrooms at $148,574. Other significant sales included BNB’s kNFT: Locked kUSDT and Arbitrum’s Umoja Synths, highlighting the diversity and breadth of the NFT market across different blockchains.

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Top 5 fan tokens by sales volume

As can be seen in the table above from CryptoSlam, fan tokens also continued to witness explosive growth, with Galatasaray’s token on the Chiliz blockchain recording a $280.5 million in sales. This reflects a 70149.47% increase.

FC Barcelona and Paris Saint-Germain followed with substantial sales volumes, indicating the growing popularity of sports-related NFTs.

Market implications

The NFT market’s latest performance marks a significant turnaround, showing resilience and renewed investor interest after a period of declining sales volumes. 

This is the second straight week of improved sales, suggesting a potential upward trend. Notably, this resurgence comes amid a broader rally in the cryptocurrency market, which is currently valued at $2.55 trillion. 

Major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana have all registered double-figure price jumps over the past week, further fueling optimism in the digital asset space.

The correlation between the rising crypto prices and the recovering NFT market could be an indication of strengthening confidence among investors, setting a positive tone for the weeks ahead.



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All-Time High

Why Bitcoin Will Soar Above Its Fresh Record: Van Straten

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Even after breaking through $77,000 for the first time, bitcoin’s price looks very likely to keep soaring, CoinDesk senior analyst James Van Straten argues.



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Bitcoin Realized Cap At All-Time High As Price Hits $77,000 For The First Time

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Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.



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Bitcoin

Bitcoin (BTC) Price Tops $77K Record as Muted Funding Rates Suggest Crypto Rally Has More Room to Run

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While crypto assets booked double-digit gains during this week, with BTC sitting at record highs, funding rates for perpetual swaps on crypto exchanges are much closer to neutral levels than the market top in early March, CoinGlass data shows. Funding rate refers to the amount long traders pay shorts to take the opposite side of a trade. When funding rates are negative, shorts pay the fee to longs, as this relationship often occurs during bearish periods.



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