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Bitcoin is in the lead as weekly NFT sales surge to $423 million

The Bitcoin (BTC) network dominated the NFT market last week with a total of $423,004,860 in transactions, setting a new record high.

This surge in sales represents a significant 32% increase from the previous week, marking the third consecutive week of robust growth in the NFT market. According to Cryptoslam.io, Bitcoin led the charge with $160.37 million in sales, an impressive 80.45% surge.

Not far behind, Ethereum (ETH) also saw a notable increase in NFT transactions, recording $159.64 million in sales, a 14.41% uptick compared to the previous week. The NFT market also experienced substantial growth on other blockchains such as Solana (SOL), BNB Chain (BNB), and Mythos Chain (MYTH).

Specifically, Solana reported approximately $65.129 million in weekly NFT sales, while BNB Chain and Mythos ended the week with $9.019 million and $7.7 million in sales respectively. Notably, Bitcoin also saw a significant uptick in wash trading, with a $465k increase, representing a nearly 2600% surge from the previous week.


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Blockchains by NFT sales volume | Source: Cryptoslam

The top-grossing NFT collections of the week were spearheaded by Bitcoin’s Uncategorized Ordinals, generating an impressive $41,210,717 in sales, a substantial 157.74% increase from the previous week. Following closely was the NodeMonkes collection, achieving $35,128,917 in transactions. These leading collections were followed by Pandora, Creepz, and $NATCATS, rounding out the top five NFT collections by sales volume.


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NFT collection rankings by sales volume | Source: Cryptoslam

Individual transactions also saw remarkable figures across different blockchains. The Bitcoin blockchain saw the NFT “Burgie” sell for a staggering $1.44 million, while a Solana-based NFT called “Composable Restaking Position” changed hands for $1.1 million. Ethereum’s “Lif3 v3 Position” NFT commanded $597,800, and a BNB Chain “Lockdeal” NFT was acquired for $416,504. Additionally, a Polygon “Dfyn” NFT was sold for $100,000, highlighting the diverse and valuable nature of NFTs across various platforms.

The increase in NFT sales also resulted in a rise in the number of buyers, with a 40.5% increase according to Cryptoslam’s data. However, there was a slight decrease of 2.47% in the total number of NFT transactions during the same period.

Despite the overall positive trend in the NFT market, popular marketplace Opensea faced a significant downturn in February.


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OpenSea monthly NFTs sold | Source: Dune Analytics

Data from Dune Analytics showed a significant drop in sales on Opensea, accounting for only 33% of total NFT sales in February, the lowest figure since May last year. The number of active users on the platform also declined, with only 103,000 users making at least one sale in February.

This increase in NFT transactions, especially driven by Bitcoin and Ethereum, indicates a growing interest in digital collectibles and blockchain technology. The surge in sales also highlights the potential for continued growth and innovation in the NFT market, offering new opportunities for creators, collectors, and investors alike.

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