In a remarkable surge, non-fungible token (NFT) sales surged past $423 million over the past week, with Bitcoin spearheading the charge in transactions.
The $423 million in transactions signifies a robust 32% increase from the previous week, marking the third consecutive week of substantial growth in the NFT market.
Data compiled by Cryptoslam.io reveals that Bitcoin dominated NFT sales, accounting for $160.37 million, representing an impressive 80.45% surge in sales volume.
Following closely, Ethereum recorded $159.64 million in transactions, marking a respectable 14.41% uptick in ETH-based NFT sales.
Other prominent blockchains, including Solana, BNB Chain, and Mythos Chain, also experienced significant growth in NFT sales during this period.
Solana led the pack with approximately $65.129 million in weekly sales, followed by BNB Chain and Mythos with $9.019 million and $7.7 million in sales, respectively.
Despite the surge in NFT sales, Bitcoin also saw a notable increase in wash trading, with a staggering $465,000 attributed to the practice, marking a nearly 2600% increase from the previous week.
The top-grossing NFT collections of the week were led by Bitcoin’s Uncategorised Ordinals, generating $41,210,717 in sales, followed closely by the NodeMonkes collection with $35,128,917 in transactions.
Individual NFT transactions across various blockchains also garnered attention, with the “Burgie” NFT on the Bitcoin blockchain fetching $1.44 million, and a Solana-based NFT titled “Composable Restaking Position” changing hands for $1.1 million.
Ethereum’s “Lif3 v3 Position” NFT commanded $597,800, while a BNB Chain “Lockdeal” NFT was acquired for $416,504. Additionally, a Polygon “Dfyn” NFT was sold for $100,000, showcasing the diversity and value of NFTs across platforms.
Despite the surge in NFT sales, popular marketplace Opensea faced a downturn in February, with sales decreasing substantially and active users on the platform declining.
