Ethereum

Guild of Guardians

Solana

Immutable

Gods Unchained

The NFT market saw a significant boost in activity this week, with a 48% rise in buyers and several high-profile sales. 
In an eventful week for the <a href="https://crypto.news/tag/nft/" target="_blank" rel="noreferrer noopener">NFT market</a>, the Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) and Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) blockchains maintained their dominance, with digital collectibles on these chains seeing significant sales and capturing the attention of buyers and sellers alike. 
<a href="https://www.cryptoslam.io/" target="_blank" rel="">According</a> to data from CryptoSlam!, the NFT landscape saw notable growth, with overall sales volumes reaching $107,965,224, marking a 7.05% increase from the previous week. 
The rising number of buyers and sellers also reflected the overall health of the market. This week, more than 721,000 buyers entered the market, a 48.05% increase, while nearly 263,000 sellers represented a 32.74% rise. 
The total number of NFT transactions also saw a boost, reaching 2,870,607, a 10.69% increase on the week. 
 You might also like: <a href="https://crypto.news/crypto-vc-deals-of-the-week-roundup/"> Crypto VC roundup: Riot Platforms acquires Block Mining in $92.5m deal, NPC Labs raises $18m </a> 
<h2 class="wp-block-heading" id="blockchain-highlights">Blockchain highlights</h2> 
As shown in the snapshot below from CryptoSlam, Ethereum remained the top blockchain by NFT sales volume, generating $32.6 million in sales, a 7.54% increase over the week. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcdPJhKD0Ng5Q8_g2__Cdw-_P-2SCb_3gZgVpuKvPVWAiBFKR_CQ1mlQR44L9V0qR8fWHHsVK4Kr2hD_AMl77yMcfet-3ymr-6_5g1oT7UqhJH1SnCV2YNQlPBKwID7WO9mFr-jr1ZE-nX68TMx7sRl9z7Q?key=7sNhokpgsL6Qws8AjsOhLw" alt="NFT market week in review: surge in activity and notable sales drive market momentum - 9">
 <figcaption class="wp-element-caption">
 Blockchains by weekly NFT sales volume | Source: <a href="https://www.cryptoslam.io/" target="_blank" data-type="link" data-id="https://www.cryptoslam.io/" rel="">CryptoSlam</a>
 </figcaption>
</figure> 
Despite the growth, wash trading on the network accounted for 18% of the total sales volume. Additionally, the blockchain recorded 46,043 buyers, a 30.63% increase from the previous week. 
Solana followed closely with $26,710,307 in sales, experiencing a 14.76% rise. The blockchain saw a remarkable 53.33% increase in buyers, totaling 289,036. Its wash trading volume constituted 5.4% of its total sales. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) maintained third position, even as it registered a nearly 17% drop in sales volume to rake in $17,417,258. Interestingly, the number of NFT buyers on the network increased by 46.47% to 35,091. 
In fourth spot, Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="noreferrer noopener">MATIC</a>) generated $11.3 million in sales, with a notable 31.49% increase. NFT buyers on the blockchain rose by 48.75% to 147,368, while wash trading was relatively low at 2.39%. 
Immutable (<a href="https://crypto.news/price/immutablex/" target="_blank" rel="noreferrer noopener">IMX</a>) stayed in fifth place for the second week running. It witnessed about $6.7 million in sales, up 21.26%, with buyers increasing by 39.33% to 14,419.&nbsp; 
Furthermore, the blockchain had the least amount of reported wash trading among the top 5 NFT networks by sales volume, at only $397. 
 You might also like: <a href="https://crypto.news/eth-sol-fire-top-cryptocurrencies-to-watch-this-week/"> ETH, SOL, FIRE: Top cryptocurrencies to watch this week </a> 
<h2 class="wp-block-heading" id="top-nft-collections">Top NFT collections</h2> 
Regarding best-performing NFT collections, the Solana Monkey Business collection on Solana led the rankings with $4,630,626 in sales, followed by DMarket on Mythos with $4,174,797.&nbsp; 
The DogeZuki Collection on Solana also made notable gains, securing $3,246,797 in sales. The Guild of Guardians Heroes on Immutable-Zk saw an astonishing 264.18% increase, generating $3,012,724. 
Gods Unchained Cards on Immutable rounded out the top five with $3,006,298 in sales, a 17% dip from the previous week. 
<h2 class="wp-block-heading" id="notable-nft-sales">Notable NFT sales</h2> 
Several high-profile NFT sales made headlines this week: 
<ul class="wp-block-list"> 
 <li>ORDI BRC-20 NFT sold for a staggering $877,068.09 (13.0294 BTC).</li> 
 <li>Uncategorized Ordinals NFT fetched $297,102.89 (4.454 BTC).</li> 
 <li>CryptoPunks #335 sold for $164,170.73 (49.99 ETH).</li> 
 <li>CryptoPunks #9825 changed hands for $130,938.00 (38 ETH).</li> 
 <li>CryptoPunks #3613 sold for $128,868.50 (37 ETH).</li> 
</ul> 
<h2 class="wp-block-heading" id="market-insights">Market insights</h2> 
Some market <a href="https://x.com/i/broadcasts/1YpKklXmWjYGj" target="_blank" rel="">analysts</a> have attributed the surge in activity to growing investor confidence and increased interest in digital collectibles. The rise in unique buyers suggests a broadening base of participants, indicating healthy market growth. 
However, the high levels of wash trading on certain blockchains raise concerns about market manipulation and the need for better regulatory oversight. 
 Read more: <a href="https://crypto.news/jasmycoin-emerges-as-top-gainer-amid-increased-social-activity/"> JasmyCoin emerges as top gainer amid increased social activity </a>

NFT market week in review: surge in activity and notable sales drive market momentum

Table of Contents

crypto.news

Other articles published on Jul 28, 2024

Swiss Regulator Proposes New Rules for Stablecoin Issuers

Bitcoin Conference increases BTC’s Fear and Greed Index to new highs

Bitcoin Price Dips to $67K Despite Pro-Crypto Remarks from Trump, More Correction Ahead?

Casper Network Halts Operations for Security

XRP Community Looks Out For Judge Torres Decision This Week

BlackRock Bitcoin ETF Hits $523M Inflows; Sets Four-Month High

Join our free newsletter for daily crypto updates!