Bitcoin takes the lead as NFT market skyrockets by 17 to 1453m with a remarkable 50 surge in sales

The NFT market experienced a positive shift this week, with sales increasing by more than 17% following a period of decline. The total sales reached $145.3 million, involving nearly 230,000 active buyers and sellers.

The Bitcoin (BTC) network led the way in NFT sales among blockchains, hitting $47.74 million, which marks a significant increase of 50.33% from the previous week. The network also registered more than $39,000 in wash trading, which is 15.39% higher than the previous numbers. However, despite the improved sales volume, the Bitcoin NFT space saw a nearly 96% drop in the number of active buyers, with only 2,056 addresses actively participating in the week’s trading.

The Ethereum (ETH) blockchain closely followed in weekly NFT sales volume, recording more than $35 million in sales between June 2 and June 8. This marks a slight decrease of 0.31% from the previous week’s total sales of $37.43 million, relegating the Ethereum blockchain to second place in terms of the number of NFT sales. The network’s wash trading numbers also decreased by about 6.87% to settle at $24.7 million.

In terms of buyers, Ethereum was more active than Bitcoin over the last seven days, with more than 15,000 buyers participating in NFT transactions. However, this number represents a 59.67% drop from the previous week. Polygon (MATIC) NFT sales also saw a significant jump, increasing by more than 22% to $19.63 million. Solana (SOL) held fourth place with $18.225 million in sales, down by 4.53%, while Immutable X (IMX) followed with sales surging by 13.15%.

This recent uptick in activity is significant because it indicates that interest in NFTs isn’t just from a few major players but from a wide base of collectors and investors. It’s a community-wide resurgence, suggesting potential for sustained growth.

The highest NFT sale of the week came from the Cardano (ADA) blockchain, with an NFT selling for $219,102. Following closely was an Ethereum-based Cryptopunk #1002, which fetched $193,372. Polygon was also represented among the top NFT collectible sales, with a Matr1x Fire Weapon NFT exchanging hands for $97,685.

The fourth most expensive NFT sold in the last week was DeezNode #033 from the Solana blockchain, which went for $76,029. That price was only $2,690 more than the fifth most expensive NFT of the week, a Bitcoin Ordinal priced at $73,339.

In terms of the top-performing NFT collections, Bitcoin’s PIZZA NFTs were first, generating $17.932 million in the last seven days. Immutable X’s Guild of Guardians came in second, generating $7.014 million, a 23.90% increase. Polygon’s Moongirl NFTs secured third spot with $5.799 million in sales, representing a 643.51% uptick from the previous week.

This week’s data shows various growth rates among leading platforms like Bitcoin, Solana, and Polygon, pointing to a diversifying market. The upward trend, highlighted by impressive sales in collections like PIZZA NFTs, suggests renewed interest from collectors.

Several factors may be driving this renewed interest in NFTs. The recent market dip likely offered a buying opportunity for savvy investors looking to capitalize on lower prices. Additionally, the increasing utility of NFTs across various sectors, from gaming to digital art, could be attracting a diverse group of investors. Moreover, the overall growth of the crypto market tends to positively impact NFTs as well. As major cryptocurrencies like Bitcoin and Ethereum increase in value, their associated NFT markets often benefit from this growth.