NFT sales are soaring again! A bull run is underway as the total NFT sales across chains rose by 18.43% this week. Although, the total number of NFT buyers fell by 60% to about 195,716. The Ethereum (ETH) network sales lead the market, with about $230 million NFT trades. The top selling NFT, of course, was a CryptoPunk. Here’s what’s happening in NFTs this week.
NFT Sales: Up, Up & Away!
The total NFT sales are up by 18.43% this week. With over $270 million recorded across blockchains, sales across most projects are moving on an upwards trend. The Ethereum network leads the way, making up ~85% of the total figure. Moreover, ETH-based NFTs led the way, increasing total sales by 25.42%. The top selling NFT collection on Ethereum was Otherdeed, generating $18,260,273 in sales. Fellow Yuga Labs brand BAYC (Bored Ape Yacht Club) is next with $16,520,662 in sales.
Following Ethereum is of course Solana, with $20,415,068 worth of recorded sales in the last week. Other blockchains that closely followed are Immutable X ($6,222,375), Polygon ( $3,469,913) , and Cardano ($3,132,714) in total NFT sales, respectively.
Furthermore, the highest selling NFT last week is CryptoPunk #5066. A zombie CryptoPunk with a golden earring and a knitted cap.The #5066 NFT sold for over US $1.4 million. Other NFTs that sold high are a BAYC #7090 ($1.3 million), CryptoPunk #2886, and a couple of Otherdeeds. For the week that was, Autoglyphs see the highest floor price, being around 247.00 ETH ($380,029) as of the time of writing.
Can NFTs lead the charge to a full blown bull run? It’s still early to say, but with the outing of bad actors and a recent inflow of brands into the space, we see the redemption of trust around digital artifacts. This year has already seen its fair share of scams, hacks, and frauds, all within its first 1.5 months. The web3 ecosystem pushes forward in full force, as crypto prices seem to modulate in a stable zone.
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