NFT Sales Surge Over $300M In The Past Week – Is The NFT Summer Finally Here?

On Dec 11, 2023

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The non-fungible token market continues to explode in sales volume, with its trading sales values surpassing $300 million in the past seven days. The recent mammoth surge in the NFT market has ignited a strong belief among industry experts and crypto enthusiasts that digital collectibles will return to their initial peak state.

NFT Sales Jump 41% In The Past Week

Data compiled by CryptoSlam.io, an on-chain market data aggregator, suggests that the rapidly growing NFT market is staging another comeback after exploding in trading sales volume in the past week. In the past seven days, the global NFT market amassed a trading sales volume of $326 million. The NFT market surged 41% in the past week.

Non-fungible tokens hosted on Bitcoin, the blockchain network hosting the flagship crypto BTC, were the top most traded, amassing a trading sales volume of $112 million. Bitcoin NFTs surged 68% in sales in the past week compared to the previous week.

Ethereum-based NFT collections were the second most traded NFT collection in the past week. In the seven days, Ethereum-based NFTs have recorded a trading sales volume of $96 million, representing just a 0.13% spike from the previous week. Ethereum lost its initial NFT market dominance to Bitcoin following the resurgence of BRC-20 NFTs and Bitcoin Ordinals.

Source: CryptoSlam.io, NFT sales volume by blockchain networks

The Solana and Arbitrum-based NFT collections were the third and fourth most traded NFT collections this past week. In the past seven days, Solana and Arbitrum NFT collections have amassed a trading sales volume of $66 million and $16 million, respectively. Solana NFTs spiked 54% in sales this past week, while Arbitrum NFT sales surged 873%.

The non-fungible token collection hosted on Polygon, an Ethereum scaling blockchain network, was last week’s fifth most-traded NFT collection in the past seven days. Polygon-based NFTs have recorded a trading sales volume of $16 million. Polygon NFT sales exploded 196% this past week.

Ethereum led the wash trading the past week, amassing a trading sales volume of $102 million. By description, wash trading is a form of crypto market manipulation in which NFT collectors simultaneously sell and buy the same non-fungible tokens, creating a false impression of market activity without incurring market risk or changing the entity’s market position. Wash trading has been deemed illegal in most jurisdictions.

Top Traded NFTs In The Past 7 Days

Source: CryptoSlam.io, top selling NFTs in the past seven days

1.$SAT BRC-20 NFTs

$SAT, a crypto token created on the Bitcoin blockchain network using the BRC-20 protocol, was the top-selling NFT collection this past week. The $SAT BRC-20 NFT collection has amassed a trading sales volume of $19 million in the past seven days. $SAT BRC-20 NFT sales surged 48% in the past week.

2. Sentry Node License NFTs

The Sentry License Key is a unique, non-fungible token required to operate a Sentry Node in the Xai network. The Sentry Node License NFT is proof of eligibility for a node to submit claims and receive rewards. In the past seven days, the Sentry Node License NFT collection has attracted a trading sales volume of $13 million.

3. Tensorians NFT Collection

The Tensorians is an NFT collection comprising a diverse array of pixelated characters, each with its unique personality and backstory. Tensorians, an NFT collection featuring a limited edition of 10,000 NFTs hosted on the Solana blockchain network, was the third-selling NFT series this past week. In the past seven days, the NFT collection has recorded a trading sales volume of 12 million, representing a 210% surge from the previous week.

4. Mad Lads NFT Collection

Mad Lads is an NFT collection from the Solana framework development company Coral, led by Armani Ferrante and Tristan Yver. Mad Lads was the fourth-selling NFT collection the past week, amassing a trading sales volume of $9.5 million. Mad Lads NFT sales surged 16.26% in the past week.

5. Gas Hero Badge NFT Collection

Gas Hero Badge is an NFT collection from the popular move-to-earn mobile application STEPN hosted on the Polygon blockchain network. Gas Hero Badge was the fifth most selling NFT collection this past week. In the past seven days, the NFT collection has recorded a trading sales volume of $8.7 million.

Source: CryptoSlam.io, top selling NFTs in the past seven days

6. Bitcoin Ordinals ‘Uncategorized NFTs’

Bitcoin Ordinals are the equivalent of non-fungible tokens on the Bitcoin blockchain using satoshis, the smallest denomination on the chain. Bitcoin Ordinals were the sixth most traded NFT collection this past week. In the past seven days, Bitcoin Ordinals have recorded a trading sales volume of $7.8 million. Bitcoin Ordinals sales surged 78.59% from the previous week.

7. Pudgy Penguins NFT Collection

Pudgy penguins are 8,888 unique collectible Penguins with proof of ownership stored on the Ethereum blockchain. Pudgy Penguins was the seventh most-selling NFT collection this past week. In the past seven days, Pudgy Penguins NFT collection has recorded a sales volume of 7.1 million, representing a 13.74% spike from the previous week.

8. DMarket NFT Collection

DMarket is an NFT collection from the DMarket NFT marketplace hosted on the Mythos Chain blockchain network. DMarket was the eighth most traded NFT collection this past week. In the past seven days, DMarket NFT collection has recorded a sales volume of $5.1 million. However, DMarket fell 4.8% in sales in the past week.

9. $ORD BRC-20 NFTs

$ORD, a crypto token created on the Bitcoin blockchain network using the BRC-20 protocol, was the ninth-selling NFT collection in the past week. In the past seven days, $ORD BRC-20 NFTs have recorded a trading sales volume of $5 million. $ORD BRC-20 NFT sales surged 299% in the past week.

10. $RAT BRC-20 NFTs

$RAT, an animal-inspired crypto token created on the Bitcoin blockchain network using the BRC-20 protocol, was the tenth-selling NFT collection this past week. In the past seven days, the $RAT BRC-20 NFT collection has attracted a trading sale volume of $4.9 million.

Most Expensive NFT Sold In The Past Week

Van Gogh’s painting #132 was the most expensive NFT collection this past week, selling for over $1 million seven days ago. Fidenza was the second most expensive NFT collection in the past week, selling for $463,763 five days ago. Boogle was the third most costly NFT collection past week, selling for $149,224 three days ago.

Source: CryptoSlam.io, most expensive NFTs sold last week

The NFT Market Prediction: NFTs To Continue Booming

The global non-fungible token market is expected to grow in the coming weeks. Earlier in September, Statista, an analytic research firm, forecasted the NFT market to reach $3.2bn by 2027, with a compound annual growth rate of 34.2%. The analytic firm predicted the NFT market to reach $211.72 billion by 2030.

Nonetheless, the growth of the NFT market will highly depend on several factors, including the increasing demand for digital art, the growing investments in digital assets, and the unique authentication of ownership of digital assets. One of the most significant contributors to the NFT market’s success will be the burgeoning field of digital art.