Dominic Kimani
The market data analysis confirms that the trading sales volume of non-fungible tokens has surged more than 40% in the past seven days compared to the previous week, following the recent rise in crypto asset prices.
NFT Sales Pump 43% This Week
According to data recorded on Cryptoslam, on February 18, the overall trading sales volume of non-fungible tokens reached roughly $400 million. The NFT market saw over 345,000 traders performing more than 1.6 transactions this week.
In the past seven days, the number of traders has surged more than 77% to 345,716. The sales of Ethereum-based products dominated the market share, taking over 90% of the total sales. The Ethereum NFT products accounted for $360 million.
The Solana-based NFT products distantly followed the streak, accounting for $18,790,359. Solana NFT products have dropped more than 7% in the past seven days. Polygon, Immutable X, and Binance Smart Chain (BSC) shared the remaining percentage, respectively.
Top Selling NFT Collections This Week
Otherdeed, an NFT collection from Yuga Labs’ metaverse game venture, Otherside, emerged as the top-selling NFT collection this week. The NFT collection accounted for $47,043,296. Otherdeed increased more than 160% from the previous week.
Other NFT collections, which emerged as the top-selling NFTs, included Azuki, Moonbirds, Mutant Ape Yacht Club (MAYC), and Bored Ape Yacht Club (BAYC). Azuki NFT collection soared 174% during this period, while Moonbirds rose more than 500%.
During the same period, Blur emerged as the most traded non-fungible tokens marketplace, accounting for more than 66% of the market share. It’s worth noting that Blur dropped its highly anticipated native token “$Blur” earlier this week, which has attracted massive users on the platform.
NFT marketplace OpenSea, previously known as the NFT market leader, distantly followed the streak, taking 23% of the market share. Other top five NFT marketplaces included Immutable X, X2Y2, and LooksRare NFT Marketplace.
Many industry experts have associated the recent surge in the NFT market with several factors, including a rise in dollar value and declining inflation. Some say the recent surge is due to investors liquidating their positions, pushing the crypto prices higher.
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This article was written for Business 2 Community by Dominic Kimani.
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