The NFT market saw a modest increase of 1.46 percent last week, with total sales reaching $149,312,180.
Despite the number of NFT buyers growing by 22.48 percent, the number of transactions saw an 8.78 percent decline compared to the previous week. Ethereum and Solana still led the market, followed by Mythos, Polygon and Immutable X.
Ethereum-based NFT sales accounted for a significant portion of the total sales, amounting to $108,272,701, or 72.5 percent of all digital collectibles sold during the week. Sales on the proof-of-stake-based platform experienced a 22.79 percent surge last week, demonstrating the platform’s continued dominance in the market.
Solana-based NFT sales contributed $12,225,000 to the total sales figure, marking a 56.64 percent decrease from the previous week.
Ronin sales also saw a 20 percent increase, while Arbitrum experienced a 14 percent growth. In contrast, Panini blockchain digital collectible sales dropped by 31.23 percent this week.
The top-performing NFT collection of the week was Azuki, which generated $11,189,076 in sales, a remarkable 504.96 percent increase from the previous week. The Bored Ape Yacht Club (BAYC) collection ranked second, with $10,615,168 in sales, representing a 13.32 percent increase from last week.
The Dmarket collection on the Mythos chain recorded $6,762,049 in sales, an 11.5 percent decrease compared to the previous week. However, the Milady Maker collection witnessed a significant surge in sales, totaling $4,558,386, marking a 367.58 percent increase.
During the past week, the NFT sold with the highest price was BAYC #811, selling for an astonishing $625,825 five days ago. Sandbox Lands #139,686 and BAYC #6774 also had notable sales, with the former selling for $580,383 and the latter fetching $501,845.
According to data from nftpricefloor.com, Cryptopunks held the highest minimum value among all NFT collections, with a floor value of 51.50 ETH. BAYC came in a close second with a floor value of 48.30 ETH.
NFT and cryptocurrency
NFTs have recently gained significant attention, prompting many people’s curiosity about their relationship with cryptocurrencies. While some believe that the prices of NFTs and cryptocurrencies are inversely proportional, others think otherwise.
To understand this relationship, Dublin City University professor Michael Dowling researched and published a paper titled “Do Cryptocurrencies drive Non-Fungible Tiken Pricing?” The paper aimed to decipher the crossover between cryptocurrency participants and NFT markets.
Currently, users need to make cryptocurrency payments to buy NFTs, which is feasible for crypto users but not for non-crypto users.
However, crypto exchanges like Coinbase are planning to make participation easier by allowing fiat via credit cards. Additionally, companies like eBay, Instagram, and Reddit are expected to integrate NFTs and include fiat options soon.
Despite the lack of a direct correlation between the prices of NFTs and cryptocurrencies, both play a significant role in the mass adoption of crypto and blockchain technology. NFTs require blockchain infrastructure like Ethereum and Solana for proper functioning, and their popularity has helped in the widespread adoption of these technologies.
It’s important to note that the relationship between NFTs and cryptocurrencies is still evolving, and more research is needed to understand their correlation fully.
