The global NFT market shows early signs of recovery after a tough few months. Many floor prices had dropped by 23% from their previous highs. Data from CryptoSlam.io reveals a substantial increase in global NFT sales over the past week. Total trading volume reached $108 million, reflecting the 7.69% surge mentioned earlier and the return of investor confidence in the sector.
he number of investors buying NFTs increased by 20%. Source: NFTGo
In the last week, the number of investors buying NFTs increased by 20%. Nearly a million collectors joined the market, pushing NFT transactions above 1.5 million. This surge in activity highlights growing interest in NFTs.
Ethereum Dominates NFT Trading
Ethereum, which hosts numerous high-value collections, continues to be the top blockchain network for NFT transactions. Sales of NFTs based on Ethereum reached $36 million last week, up 15% from the week before and solidifying its leadership position in the industry.
Ethereum dominates NFT trading. Source: CryptoSlam.io
Solana, recognized for its robust support of smart contracts and NFT functionalities, solidified its position as the second most-traded blockchain network for NFTs last week. Recording a trading volume of $22 million, Solana experienced a notable 35% increase in sales compared to the previous week, demonstrating its rising appeal among NFT investors seeking efficient transaction environments.
Polygon, designed as a scaling solution for Ethereum, maintained a significant presence in last week’s NFT market activities. Despite a slight 5.14% decrease in trading volume from the previous week, Polygon secured the third rank with $19 million in transactions. Its continued facilitation of substantial NFT transactions underscores its importance in supporting market recovery efforts and providing scalable solutions for NFT trading.
Bitcoin, primarily associated with traditional digital assets, occupied the fourth position among the most-traded blockchain networks for NFTs last week. Despite a 15.40% decline in sales volume, Bitcoin-based NFT collections still garnered considerable interest, reflecting diverse market dynamics impacting its performance.
NFT Market Prediction for the Week Ahead
The global NFT market appears poised for continued growth. Recent positive trends suggest that the market may see further development in the coming weeks. There is optimism that bullish market sentiment could prevail, potentially retesting previous highs by year-end.
