NFT sales plunge to $146.5m, Ethereum and Bitcoin network sales recover

As Bitcoin continues to face resistance near the $100,000 mark, the NFT market has experienced a 1.6% drop, with total sales volume settling at $146.5 million.

While Bitcoin btc0.57%Bitcoin trades at $96,800, Ethereum eth1.44%Ethereum has shown strength by surging 3.5% in the last 24 hours to reclaim the $3,700 level. The global cryptocurrency market capitalization has expanded to $3.42 trillion from last week’s $3.35 trillion. This marks a 2.5% increase over the last day.

According to the latest data from CryptoSlam, while overall sales have declined, individual blockchain networks are showing signs of recovery:

• NFT (non-fungible token) sales volume dropped from last week’s $160.9 million.
• NFT buyers have surged to 574,853, marking a 27.57% increase.
• NFT sellers have grown to 342,382, showing a surge of 23.21%
• NFT transactions have declined by 11.22% to 1,424,770.

Ethereum and Bitcoin show signs of recovery

The Ethereum NFT blockchain has shown resilience with $51.3 million in sales, marking a 2.87% increase.

The network has seen 49,462 buyers, representing a healthy 17.33% growth. Notably, wash trading on Ethereum increased by 16.02% to $9.1 million, suggesting increased market activity.

Bitcoin’s NFT ecosystem has maintained strong momentum. The network has recorded $48.2 million in sales volume, a 6.58% increase. The network has seen decent growth in buyer participation, with 54,903 active buyers marking a 28.89% increase.

Solana sol-1.07%Solana, while maintaining its third position, experienced a major decline of 37.86%, with sales dropping to $15.7 million. However, the network continues to show strong user engagement with 230,954 buyers.

Mythos Chain secured the fourth position with $10.6 million in sales, showing a marginal decline of 1.66%. However, ImmutableX imx1.65%Immutable rounded out the top five with $7.1 million in sales, showing a surge of 14.22%.

BRC-20 and new collections lead rankings

BRC-20 NFTs continue to dominate with $15 million in sales despite a 10.69% decrease. Uncategorized Ordinals has secured second place with $10.3 million in sales. Its sales have also seen an 81.86% increase in the last seven days.

The Bored Ape Yacht Club has reemerged in the rankings, taking third place with $7.7 million in sales, showing a strong 60.30% increase.

CryptoPunks followed closely with $7.7 million, despite a 14.56% decrease.

The latest data shows several large individual NFT sales:

• Uncategorized Ordinals #cb0 sold for $6,069,273 (63.4315 BTC)
• Uncategorized Ordinals #486 sold for $3,583,816 (38.8087 BTC)
• Bored Ape Chemistry Club #0 sold for $199,156 (59.84 ETH)
• CryptoPunks #9663 sold for $197,113 (55 ETH)
• Axie Infinity #115792089237 sold for $178,651 (52 ETH)

NFTs continue to evolve

In 2024, NFTs are expanding their utility through integration with gaming and DeFi, enabling in-game assets and serving as collateral in decentralized finance platforms.

Corporations are adopting NFTs for promotional campaigns, loyalty programs, and revenue generation, while hybrid and real-world asset tokenization are bridging the gap between physical and digital realms.

Cross-platform interoperability is growing, allowing NFTs to function seamlessly across various ecosystems. Sustainability efforts are addressing environmental concerns, with greener blockchain solutions gaining traction.

Additionally, AI-enhanced NFTs are emerging, enabling personalized and interactive experiences, showcasing the evolution of NFTs beyond simple digital collectibles.

It’s worth noting that the current uptick in NFT sales seems largely fueled by hype. It remains to be seen whether this trend will translate into long-term growth or if it’ll be short-lived momentum.