The NFT market continues its upward trajectory, with sales soaring by 11.62% this week to reach a staggering $442.02 million. Bitcoin-based NFTs dominate the scene, while Ethereum and other blockchains also witness substantial growth.
Bitcoin NFTs Lead the Pack
Bitcoin-based NFT transactions seize the spotlight this week, accounting for a significant portion of the total sales volume. With a remarkable $166,090,817 in sales, Bitcoin NFTs witness a robust demand, fueled by collections such as Uncategorized Ordinals and Nodemonkes.
Ethereum NFTs Follow Suit
While Bitcoin takes the lead, Ethereum-based NFT transactions remain strong, totaling $165,264,274 in sales. Cryptopunks, Bored Ape Yacht Club (BAYC), and Pudgy Penguins are among the top-performing collections on the Ethereum blockchain, contributing substantially to the platform's success.
Other Blockchains Making Waves
Beyond Bitcoin and Ethereum, other blockchains also witness notable activity in the NFT space. Solana, BNB Chain, and Mythos Chain secure their spots in the top five, showcasing growing interest and engagement in NFT transactions.
Highlights of the Week
The highlight of the week is the sale of the 'Alien' Cryptopunk #3,100 for a staggering $16 million, underscoring the immense value of iconic NFT collections. Solana's Boogle #071 and an Uncategorized Ordinal NFT also fetch impressive prices, reflecting the diversity and appeal of NFT offerings across different platforms.
Record-Breaking Auction
In a groundbreaking auction, the largest Ordinal inscription, the Runestone, fetches a record 8 BTC ($544,713). The auction, organized by Leonidas, aims to support the network fees for the Runestone airdrop initiative, highlighting the community-driven nature of NFT projects.
FAQs
What contributed to the surge in NFT sales this week?
The surge in NFT sales can be attributed to increased demand for Bitcoin-based NFTs, along with notable transactions across various blockchain platforms, including Ethereum, Solana, and BNB Chain.
2. Which collections performed exceptionally well this week?
3. What was the highlight sale of the week?
4. What was the significance of the auction for the Runestone?
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