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Cryptocurrency News Articles
Market and NFT Prices: Weekly Sales on the Rise, Soar to August Levels
Oct 07, 2024 at 05:54 pm
The NFT market seems to be experiencing a bull moment, with weekly sales volumes nearing 85 million dollars.
The NFT market is experiencing a surge in activity, with weekly sales volumes reaching nearly $85 million. This marks the highest level since August, indicating a broader increase in prices and the number of transactions.
According to data from NFT analytics platform Cryptoslam, the week between September 30 and October 6 saw sales volumes soar to $84.7 million. This is a significant increase compared to the previous week, which saw sales of $55.7 million.
The highest level of weekly sales for NFTs was recorded from August 23 to 29, 2021, when sales exceeded $2.2 billion. However, the current sales volumes still show a substantial recovery for the Non-Fungible Token sector.
Breaking down the sales by blockchain, Mythos Chain led the way with over $15 million in sales, showing a gain of over 6,000%.
When looking at the ranking of collections by weekly sales, the NFT collection DMarket took the top spot with over $14 million in sales across 537,714 transactions.
Other notable gains were recorded by Polygon, which saw a 210% increase in NFT sales over the last seven days.
In contrast, NFTs on the Bitcoin, Ethereum, and Solana blockchains did not see sales surpassing those of previous weeks.
Further data analysis reveals a broader increase in activity across the NFT market.
For instance, the number of NFT buyers last week rose to over 839,000, indicating an increase of +22% compared to the previous week.
Another key metric is the number of transactions, which increased by +71% for the last week compared to the previous one. In total, there were over 2 million transactions recorded.
As for prices, this last week saw the record sale of one of the famous CryptoPunk, number 1563, at the incredible price of $56.3 million (24,000 ETH).
In other NFT-related news, Telegram CEO Pavel Durov announced that the recently launched "Gift" function will soon allow users to convert gifts into NFTs based on TON.
Additionally, Christie's auction house is set to offer a collection of photographs by Trevor Traina accompanied by NFT ownership certificates minted on Base.
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