NFT Market Thrives as Crypto Markets Struggle

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Top Collections Changing Hands

The number of NFT buyers surged by 49.30%, exceeding 231,000, while sellers increased by 43.43%, reaching about 165,000. The number of transactions remained largely stable, with only a minor decline of 0.16%, staying around 910,000. This scenario suggests that new participants are entering the market despite price pressures.

In the NFT collections front, the week’s most notable development was Ethereum-based Milady Maker ascending to the top. The collection achieved a sales volume of $3.68 million with just 217 transactions. The limited number of buyers and sellers highlighted the impact of high-volume individual transactions. Last week’s leader, DMarket, declined by over 30% on the Mythos network, dropping to second place.

The collection Courtyard, operating on the Polygon network, climbed to the third position with its strong rise, while Pudgy Penguins surged over 60% to claim the fourth spot. The return of the long-standing Bored Ape Yacht Club to the top seven indicated that interest in blue-chip NFTs hadn’t entirely faded. This activity showcases investors directing funds towards specific collections in challenging market conditions.

Network-Based Sales and Cross-Chain Competition

From a blockchain perspective, Ethereum maintained a clear lead. Weekly NFT sales soared by over 45%, surpassing $28 million. Conversely, sales on the Solana $132.93 network fell by more than 25%, dropping it to the fifth position. Networks like BNB Chain, Bitcoin, and Polygon drew attention with strong growth in buyer numbers.

Notably, the increase in buyers by over 50% on Polygon and Bitcoin networks emphasized that NFTs are not solely Ethereum-centric. However, the persistent high rates of wash trading on some networks suggest a need for cautious market interpretation.

These developments coincided with a week of decline in the general crypto market. Bitcoin’s price tumbled to $88,000, and Ethereum fell below $3,000, reducing the total crypto market capitalization to $2.99 trillion. Despite this backdrop, the recovery of the NFT market reinforced the notion that the sector is beginning to form its own dynamics.

Additionally, the past months saw a notable recovery in game-focused NFTs. Even when the crypto market was weak, NFT collections tied to blockchain games experienced significant growth in transaction volume and user numbers. This serves as a crucial example of the NFT market’s ability to occasionally operate independently of crypto prices.