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The NFT market shows signs of stabilization with a 1.95% increase in sales volume, reaching $106.2 million after a recent decline.
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Bitcoin’s price has surged to $105,000, while Ethereum remains steady, contributing to a slight rise in the global crypto market cap to $3.28 trillion.
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Data from CryptoSlam reveals a significant increase in NFT buyers by 55.08%, although NFT transactions have decreased by nearly 25%, indicating shifting market dynamics.
NFT sales rebound modestly as Bitcoin hits $105K; Ethereum NFT sales decline 15%, while Immutable and Guild of Guardians show strong growth.
Modest Recovery in NFT Market Amid Bitcoin Price Surge
The NFT market has experienced a modest recovery this week, with sales volume climbing by 1.95% to $106.2 million, signaling a potential stabilization after last week’s downturn. This rebound coincides with Bitcoin’s recent price surge to the $105,000 level, which has positively influenced overall market sentiment. Meanwhile, Ethereum’s price has remained relatively stable, showing minimal movement over the past seven days. The global cryptocurrency market capitalization has edged up to $3.28 trillion from $3.25 trillion, reflecting cautious optimism among investors.
Shifts in NFT Market Participation and Transaction Activity
According to CryptoSlam data, the number of NFT buyers has increased substantially by 55.08% to 826,992, while sellers have also grown by 18.12% to 257,017. However, NFT transactions have declined by 24.94% to 1,651,758, suggesting that although more participants are entering the market, the frequency of transactions per user may be decreasing. This divergence points to a market that is expanding its user base but experiencing more selective trading activity.
Ethereum NFT Sales Decline Amid Rising Competition
Ethereum continues to dominate the NFT landscape with $30.3 million in sales, but this figure represents a 15.57% decrease from the previous week. Notably, Ethereum’s wash trading volume has increased by 11.33% to $1.8 million, raising concerns about market manipulation within the ecosystem. Meanwhile, Immutable (IMX) has surged to second place with $16.4 million in sales, posting impressive growth of 123.21%, signaling shifting investor interest toward alternative blockchains.
Performance of Leading Blockchains and Collections
Bitcoin ranks third with $15.1 million in NFT sales, growing 17.81%, followed by Mythos Chain at $14 million (+3.26%) and Polygon at $13.9 million (-7.72%). Solana rounds out the top six with $6.1 million, down 13.31%. Buyer counts have increased across all major blockchains, with Polygon leading at 54.25% growth, followed by Solana at 34.99% and Bitcoin at 33%. In collection rankings, Polygon’s Courtyard remains the top seller with $12.5 million, despite a sharp 77.08% drop in sellers. Guild of Guardians Heroes has risen to second place with $10.6 million, more than doubling its sales with 108.92% growth, while DMarket and Guild of Guardians Avatars also show strong upward momentum.
Notable High-Value NFT Sales Highlight Market Activity
High-value sales continue to underscore the market’s vibrancy, with several CryptoPunks NFTs fetching significant sums this week:
- CryptoPunks #1831 sold for 150 ETH ($389,846)
- CryptoPunks #9778 sold for 150 ETH ($377,958)
- CryptoPunks #4868 sold for 76.5 ETH ($201,933)
- CryptoPunks #5586 sold for 70.07 ETH ($185,292)
- CryptoPunks #7516 sold for 60 ETH ($158,378)
These sales demonstrate sustained demand for iconic NFT collections despite broader market fluctuations.
Conclusion
The NFT market is exhibiting signs of cautious recovery, buoyed by Bitcoin’s price rally and increased buyer participation. While Ethereum’s NFT sales have declined, emerging platforms like Immutable and collections such as Guild of Guardians are gaining traction, reflecting evolving investor preferences. Market participants should monitor transaction trends and wash trading activity closely to navigate this dynamic environment effectively.
