NFT Buyers Vanish, but Sales Spike: Ethereum Dominates $224M Week

The non-fungible token (NFT) market saw a significant spike in sales over the past week, with a 16.27% growth compared to the previous week

NFT sales surged during the past week, reaching $224.41 million across 22 blockchains, despite a sharp decline in buyers.

The non-fungible token (NFT) market experienced a significant spike in sales over the past week, with a 16.27% growth compared to the previous week, totaling $224.41 million across 22 different blockchains.

As reported by NFT data aggregator Cryptoslam on December 14, the total sales volume includes both primary and secondary NFT marketplaces. Despite a sharp decline in the number of buyers, Ethereum remained the dominant player, with over $119 million in sales, marking a 22% increase from the prior week.

Ethereum and Bitcoin Lead the Way

From December 7 to December 14, Ethereum continued to drive the majority of NFT sales, with a remarkable $119 million in transactions. This marks a significant increase from the previous week, when Ethereum-based NFTs brought in $97.1 million.

Meanwhile, Bitcoin-based NFTs also saw solid performance, bringing in $51.64 million, a 14.31% increase from the prior week. Solana followed closely with $21.44 million in sales, marking a 32% rise in volume.

However, the standout growth was from newer players, with BNB Chain and Blast recording astonishing increases of 368% and 262%, respectively. BNB Chain NFTs brought in $13.49 million, while Blast NFTs reached $3.28 million in sales volume.

Pudgy Penguins and BNB Chain: The Top Performers

Among the top-selling collections this week, Ethereum’s Pudgy Penguins emerged as the leader, earning over $30 million—a 52% increase in sales compared to the previous week.

The success of Pudgy Penguins highlights the continuing dominance of well-established collections within the Ethereum ecosystem. However, Bitcoin’s BRC20 NFTs also performed admirably, generating $15.5 million in sales, proving that Bitcoin’s NFT market is not to be overlooked.

Following Pudgy Penguins and BRC20 NFTs, Lil Pudgys also made it to the top three, with $13.49 million in sales.

NFT Prices Soar

This week also saw impressive sales of individual NFTs, with the highest priced being an Ethereum-based Expose Stream NFT, which sold for $425,103 just two days ago. A Solana-based Boogle #035 fetched $261,005, while a Cardano Earthnode #286 sold for $104,118.

These high-value transactions showcase the continued demand for exclusive and rare NFTs across various blockchain platforms.

Buyer Numbers Decline Despite Sales Growth

Interestingly, while the sales volume surged, the number of buyers dropped significantly by 73.97%, and the number of sellers decreased by 71.14%.

Last week, there were 33,633 buyers and 34,304 sellers, but this week, the numbers decreased to 8,747 buyers and 9,883 sellers. This shift suggests that while the NFT market is still growing in terms of sales, fewer individuals are actively engaging in purchasing, possibly due to market saturation or a shift in buyer behavior.

The performance of BNB Chain and Blast, alongside Ethereum, Bitcoin, and Solana, points to the increasing diversity of NFT platforms. The rise of newer players in the space suggests that the NFT market is not just a movement driven by well-established collections but also by new innovations and creative projects.

This shift could lead to more competition and potentially disrupt the dominance of Ethereum and Bitcoin in the NFT space.