Key Points
The latest data from CryptoSlam indicates that the NFT market has remained robust amidst the turbulence in the crypto market.
The total sales volume has spiked to $302.2 million, marking a significant 32.93% increase from the previous week’s $224 million.
Growth in Market Participation
This increase in sales has been accompanied by an expansion in market participation.
Key market indicators show a strong growth: NFT buyers have almost doubled with a 92.39% increase to 349,972.
NFT sellers have seen a significant growth of 77.18% to 207,672.
NFT transactions have experienced a healthy growth of 7.28% to 1,651,950.
The Ethereum (ETH) NFT blockchain has performed exceptionally well, with sales volume soaring to $199.9 million, a 73.56% increase in the last seven days.
The network has attracted 44,220 buyers, a growth of 39.73%.
Interestingly, wash trading has more than doubled with a 122.67% increase to $105.1 million, indicating an increase in market activity.
The Bitcoin (BTC) NFT ecosystem ranks second, despite a 23% decline in sales volume at $39.7 million.
However, the network has seen a decent growth in user engagement with 38,987 buyers.
Solana (SOL) has solidified its third position with $29.9 million in sales, a modest 5.14% increase.
The network has continued to show strong user participation with 104,958 buyers, an increase of 108.45%.
Pudgy Penguins has almost doubled its sales to $53.9 million, a 90% increase.
This growth in sales has been accompanied by a significant increase in both transactions (104% increase) and unique buyers (81% increase).
LilPudgys ranks second with $19.4 million in sales, a 53.57% increase.
Azuki ranks third with $16.9 million in sales, a growth of 108.19%.
Doodles has entered the top five with $13.4 million in sales, a growth of 226.08%, while BRC-20 NFTs complete the top five with $9.2 million in sales.
Some notable individual sales this week include Pudgy Penguins #4611 which sold for $493,925 (125 ETH), and CryptoPunks #6036 which sold for $444,019 (110 ETH).
Bitcoin is currently trading at around $97,450.
Ethereum has also rebounded to $3,400 from its recent low of $3,098 and is currently trading at around $3,403.48.
The global cryptocurrency market capitalization currently stands at $3.41 trillion, showing a decline from last week’s $3.63 trillion.