NFT Market Surges in Value Despite Sharp Drop in Buyers and Sellers
The NFT market has shown surprising resilience, with transaction volume increasing by 20.67% over the past week to reach $122.6 million, according to PANews. This surge comes despite a dramatic fall in market participation:
Buyers dropped by 89.08%, falling to just 88,157
Sellers declined by 82.62%, totaling 56,817
Interestingly, the number of NFT transactions held steady, edging up by 1.63% to 1,357,999, suggesting that while fewer participants are active, they are transacting in larger volumes.
Network Highlights:
Ethereum reclaimed its lead, with transaction volume skyrocketing by 133.36% to $50 million
Bitcoin followed with $15.5 million, a 50.12% increase
Polygon saw a downturn, declining 41.86% to $14.6 million
Mythos Chain dipped slightly by 2.43% to $14 million
These trends indicate a concentration of activity among high-value players, as institutional or whale-level interest may be compensating for declining $BTC