The NFT Market Records a 10.1% Weekly Surge as Ethereum Outranks Bitcoin and Solana

The Non-Fungible Token (NFT) landscape has just recorded a 10.1% weekly surge. According to Cryptoslam data, this spike saw its weekly sales volume

The Non-Fungible Token (NFT) market has seen a 10.1% increase in weekly sales volume, reaching $85.9 million, according to data from Cryptoslam. This marks a significant rise compared to the figures recorded in the last two weeks of September.

Apart from the rise in sales volume, there was also a surge in the number of digital collectible buyers. This metric saw a 21.73% increase to 794,763, while the number of NFT sellers dropped to more than half at 377,711.

NFT transactions are also rising, recording more than a 64.72% weekly increase to 1,2956,201.

Among the several networks that have contributed to this outlook, Ethereum stands tall. It raked in $27.48 million in NFT sales volume, of which $3.3 million accounted for wash trading. Taking its slice from the general surge, the number of Ethereum NFT buyers recorded a 12.49% increase and stood at 55,859.

Bitcoin followed next with $12.62 million in total sales. It has seen up to a 40% drop in NFT buyers in the last couple of days.

Bitcoin, Solana, and Mythos Chain (MYTH) recorded $11.8 million each, while Polygon (POL) and Binance Coin (BNB) each bagged $10.6 million and $3.35 million in sales, respectively.

For wash trading, Bitcoin accounted for $887,810 and Solana $701,810. It is also worth noting that Solana has the highest number of buyers compared to the other networks.

The regulatory landscape of digital collectibles has been threatened by the United States Securities and Exchange Commission (SEC) for the last few months.

One key development in this regard saw NFT-based restaurant project Flyfish Club, LLC, reach a $750,000 settlement with the agency in September. This came after the firm was accused of conducting an unregistered offering of crypto asset securities.

The project allegedly sold 1,600 NFTs to U.S. investors and raised $14.8 million in the process.

In other news, NFT marketplace Magic Eden, together with Ubisoft and the Arbitrum Foundation, announced the launch of a new Web3 gaming NFT collection. The collection will comprise 10,000 NFTs and will be based on the Netflix anime show Captain Laserhawk: A Blood Dragon Remix.

This collection blends the creativity of the anime world with the dynamic possibilities of decentralized gaming and will redefine how players engage with games.

Additionally, electronics retailer RadioShack is also marking 100 years of existence this year. As part of this celebration, the company has launched a DeFi protocol and an NFT collection.