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Sales of non-fungible tokens (NFTs) have surged in the past week, climbing 138.15% higher than the previous week. Sales recorded between last Friday and February 24, 2023 indicate that $801 million in NFT sales have been settled in the past seven days.
While crypto asset prices took a step back on Friday, the past seven days have seen a significant increase in NFT sales compared to the previous week. Bitcoin.com News reported last week that NFT sales had increased by 43%, but in the past seven days sales have increased by 138.15% since last Friday. Over the past week, $801 million in NFT sales were settled and the number of NFT buyers increased by 34.7% compared to the previous week. Ethereum dominated NFT sales over the past seven days, accounting for $762 million of the total sold.
Solana trailed Ethereum in NFT sales with $17,717,911, but while Ethereum’s sales jumped 162.67% in the past week, Solana’s NFT sales fell 1.86%. Ethereum and Solana are followed by Polygon, Immutable X and BNB in terms of weekly sales. Every blockchain in the top 10 rankings in terms of sales saw a decline this week except for Ethereum and Panini. Panini’s NFT sales were up 56.52% to $452,827 in sales settled this past week.
The top NFT collection in terms of sales since last Friday is Mutant Ape Yacht Club (MAYC), with sales soaring 444.58% higher than last week, capturing more than $92 million in settled sales. MAYC is followed by Otherdeed, Bored Ape Yacht Club (BAYC), Azuki and Moonbirds respectively. All five NFT collections rose 65% or more over the past seven days. A notable gainer was Openpen Edition, the sixth largest collection in terms of weekly sales, which saw a 5,235.80% increase since last week, accumulating $37,593,913 in settled sales.
Once again, in terms of ETH-based NFT markets, new NFT marketplace Blur has surpassed Opensea’s weekly volume, capturing 81% of the NFT market share in settled sales this week. Opensea’s volume accounted for approximately 13.6% of total seven-day NFT trading volume. Following Blur and Opensea are X2Y2, Immutable X Marketplace and Looksrare. The new Cardano-based marketplace, JPG Store, ranks sixth in sales this week as NFT sales increased by 35.94% compared to last week’s sales.
What do you think is driving this week’s surge in NFT sales, and where do you see the NFT market headed in the near future? Share your thoughts in the comments section below.
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