Last week, the non-fungible token market presented a mixed picture overall.
NFT sales volume decreased 11.92%, totaling $81.8 million, while the number of NFT buyers increased 173.25% to 327,594.
Based on data from CryptoSlam, let’s take a look at some of the key metrics that have characterized the NFT market over the past seven days.
Key Blockchain Benefits
Ethereum (ETH) continued to dominate NFT sales volume. Despite a more than 10% drop from the previous week, the network managed to rake in over $28 million – a figure that was accompanied by a significant 42.5% increase in buyer activity.
Solana (SOL) came in second after generating more than $16 million in NFT sales. However, this represented a 15% decline, even though the network saw an astonishing 245.93% increase in buyers. It also saw a nearly 6% drop in wash trading activity.
Bitcoin (BTC) held on to third place for the third week in a row, although the $13.8 million raised represented a 6.1% decrease from the previous week.
Wash trading on the network increased by more than 4%, although the $410,863 generated from this activity pales in comparison to other blockchains. For example, fourth-ranked Polygon (MATIC) had the highest amount from wash trading at $9.1 million. The amount was significantly higher than the $6.6 million that Polygon received from owner-to-owner NFT sales.
Rounding out the top 5 is Mythos Chain, which saw the biggest decline in NFT sales volume, falling nearly 30% to just over $5 million.
Notable collections and sales
As for NFT collections, Mythos Chain surprisingly produced the best-selling NFT collection of the week; its DMarket collection generated $4.99 million in sales in seven days.
However, this is still a decrease of almost 30% from the previous week, and the number of transactions recorded for collection also fell by 33%.
Meanwhile, Ethereum-hosted runner-up Sorare showed resilience, increasing its revenue by 8.3% to $3.65 million. The number of transactions for the collection also increased by almost 8%, while buyer activity increased by more than 10%.
The surge in activity coincides with the launch of popular European football leagues such as the Premier League and La Liga, which may have led to renewed interest in the fantasy sports platform.
The standout performer of the week, however, was Bitcoin’s “Uncategorized Ordinals,” which saw its sales increase by an astonishing 864.66% to $3.1 million.
Top NFT sales of the week
As for the sale of individual NFT pieces, one of the most notable transactions was that of an Uncategorized Ordinal on Bitcoin, which sold for a whopping $2.4 million.
In contrast, Ethereum’s Bored Ape Yacht Club #2579 sold for $342,542, a fairly high amount but dwarfed by the Ordinal sale. Other notable transactions during the week included Solana’s Froganas #4559, which fetched $82,689, and a BNB Paraluni Perpetual Bond, which sold for $134,751.
