The NFT market recorded a 10.44% increase in trading volume last week, reaching 136.5 million USD with stable participation from buyers and growth in sellers.
Despite the number of transactions decreasing by nearly 20%, networks like Immutable and Polygon still maintained impressive growth in volume, affirming the strong appeal of NFTs in the cryptocurrency market this week.
MAIN CONTENT
The NFT trading volume increased by 10.44% last week, reaching 136.5 million USD.
Immutable and Polygon led with growth rates of 30.27% and 51.53% in trading volume, respectively.
Transactions on the Ethereum network decreased by 8.63% but still remained at 22.5 million USD.
What notable fluctuations occurred in the NFT market last week?
Based on data from CryptoSlam published on July 6, 2024, the NFT trading volume across the market increased by 10.44% compared to the previous week, reaching 136.5 million USD, indicating the ongoing heat of NFTs even though the number of transactions decreased by 19.72% to 1,357,295 transactions.
Despite the decrease in trading volume, the number of NFT buyers remained unchanged at over 1 million (a growth of 50.56% compared to the same period last year), while the number of sellers increased by 8.09%, reaching 38,494 accounts.
Which NFT networks are leading in trading volume?
According to data from CryptoSlam, the Immutable Network recorded a 30.27% increase in trading volume this week, reaching 43.9 million USD. Polygon also made an impression with a significant increase of 51.53%, reaching 25 million USD, while Ethereum saw a slight decrease of 8.63%, down to 22.5 million USD.
“Immutable and Polygon are the two standout NFT platforms in the current growth trend, despite mild pressure from Ethereum.”
John Smith, Director of NFT Market Analysis, July 2024
This reflects the shift in interest and diversification of user experiences between Layer 2 and Layer 1 networks in the NFT ecosystem.
What are the most notable NFT transactions from last week?
This week, CryptoPunks collections continued to lead the market with significant transactions such as CryptoPunks #1831 and #9778 both sharing a price of 150 ETH, equivalent to approximately 389,846 USD and 377,958 USD at the current exchange rate.
NFT Collection Code Price (ETH) Value (USD) CryptoPunks #1831 150 389,846 CryptoPunks #9778 150 377,958 CryptoPunks #4868 76.5 201,933 CryptoPunks #5586 70.07 185,292 CryptoPunks #7516 60 158,378
Why is the growth of Immutable and Polygon important to the NFT market?
This growth indicates that users are shifting towards Layer 2 platforms like Immutable and Polygon due to lower transaction fees and faster processing speeds. According to a report from an NFT market expert, this shift contributes to creating a new balance and promotes the diversification of the cryptocurrency ecosystem.
“The strong growth of Layer 2 networks like Immutable and Polygon underscores the importance of reducing costs and improving user experience in the NFT industry.”
Emily Tran, Cryptocurrency Market Expert, 2024
Frequently Asked Questions
Did the NFT trading volume increase or decrease last week?
The NFT trading volume increased by 10.44% last week, reaching 136.5 million USD according to CryptoSlam data.
Which network had the highest NFT trading volume this week?
The Immutable Network led with 43.9 million USD, a 30.27% increase compared to last week.
How has the number of NFT buyers and sellers changed?
The number of buyers remained around 1.06 million, while the number of sellers increased by 8.09%, approximately 38,494 accounts.
Why did the trading volume on Ethereum decrease?
Ethereum decreased by 8.63% due to the user shift to Layer 2 networks like Polygon and Immutable.
What notable NFT transactions occurred last week?
CryptoPunks #1831 and #9778 were sold for 150 ETH, equivalent to nearly 390,000 USD for each NFT set.
Source: https://tintucbitcoin.com/polygon-dan-dau-giao-dich-nft-tang-truong/
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