NFT Sales Spike 15% In Just Seven Days; What Is The Reason?

NFTs Caused Massive Hype In The Crypto World, But The Enthusiasm Quickly Evaporated. Is The Upwards Motion A Bull Run?

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The research of non-fungible token market data reveals that the volume of NFTs traded globally has increased significantly during the last few days. This unexpected rise is probably the result of a number of encouraging events in the cryptocurrency market, such as rekindled institutional interest and favorable interest rate choices.

In other markets, the sharp surge in the non-fungible market may be a sign of the start of the eagerly awaited NFT bull run, which was expected to commence around the middle of the year. However, are we actually on a bull run, or is the NFT market simply correcting itself after a brief flip during the past few weeks?

The number of collectors entering the non-fungible token market has sharply increased throughout this time. The number of NFT buyers has increased by more than 50% to 957,726 over the last week. Additionally, the amount of NFT transactions has increased by 6.73% to around 2.5 million.

Despite intense market pressure from the Bitcoin ordinals in recent weeks, non-fungible tokens housed on the Ethereum network have maintained their dominance of the NFT market. In the previous seven days, trading sales for Ethereum NFTs totaled $95 million. This week compared to last week, Ethereum NFTs are up 27%.

The trading sales volume for Bitcoin NFTs has decreased by 3% over the last week. The value of Bitcoin NFTs has marginally decreased since "Tom Lehman," a co-founder of Genius.com and Middlemarch on Twitter, just unveiled a new NFT protocol on Ethereum called "Ethscriptions."

NFTs with a Solana base have resumed trading following a brief downturn during the past few months. Recently, Solana helped make Bitcoin NFTs the second-most traded NFTs. In the previous seven days, trade sales for Solana NFTs totaled $10 million. Solana NFTs have increased by 24% over this time.

The fourth-ranked digital collectibles over the last seven days were hosted on the Ethereum scaling network Polygon. The trading sales volume for these NFTs is $6 million. The trading sales of Polygon NFTs increased by 5% last week. Immutable-based NFTs finished the week with a trading sales volume of $5.8 million, placing them in fifth place overall.

Best NFTs By Sales Volume Over The Previous 7 Days:

NFTs for Bored Ape Yacht Club

One of the most popular non-fungible token (NFT) initiatives is Bored Ape Yacht Club. Bored Ape Yacht Club is a collection of 10,000 NFTs that was released in 2021 by the company "Yuga Labs," a provider of digital asset incubation services.

Bored Ape Yacht Club NFTs have generated a trading sales volume of $13 million over the last seven days, placing them in first place for the past week. A 77% increase in NFT buyers and a 40% increase in NFT sellers have been observed in recent trading activity for the NFT collection.

NFTs in Bitcoin

In the last seven days, Bitcoin NFTs have come in second. The ordinal collection "Uncategorized" has generated $9.8 million in trade sales. Unfortunately, after the launch of Ethscriptions, the buzz surrounding Bitcoin ordinals seems to have diminished. Over the past week, Bitcoin Ordinals have decreased by 12%.

Azuki NFTs

Last week, Azuki, a collection of 10,000 fixed NFTs with an anime theme by the digital asset incubator Chiru Labs, came in third. The NFT collection has had trading sales of $8.5 million during the last seven days. Sales of the Azuki NFTs collection have increased by 2.2%.

NFTs from Mutant Ape Yacht Club

Another NFT collection from digital asset incubator Yuga Labs, Mutant Ape Yacht Club, has a limited edition of 20,000 NFTs that are housed on the Ethereum network. In the previous seven days, trade sales for the NFT collection totaled $5.5 million. The trading sales volume of Mutant Ape Yacht Club NFTs has increased by 81% throughout this time.

NFTs for Gods Unchained

Gods Unchained is an NFT collection from the top-tier blockchain-based trading card game "Gods Unchained," which is available on Immutable X. Players truly own their collections thanks to the NFT collection. The NFT collection has had trading sales of $5.4 million over the last seven days. NFTs for Gods Unchained increased by 6% last week.

Bitcoin Ethereum cryptocurrency news crypto news Crypto Price NFT non-fungible token Polygon Solana