The NFT market witnessed strong growth in trading volume and participation over the past week.
Data from CryptoSlam reveals that NFT trading volume reached 159.6 million USD, along with a strong increase in the number of buyers and sellers, demonstrating the recovery of this cryptocurrency market.
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NFT trading volume last week increased by 29%, reaching 159.6 million USD.
The number of NFT buyers increased by 89.32%, while sellers increased by 86.08%.
Ethereum leads in sales with nearly 80 million USD, Pudgy Penguins sees a strong price increase.
What is the volume and recovery of the NFT market over the past week?
Data from CryptoSlam shows that the NFT market has grown significantly with a total trading volume of 159.6 million USD, an increase of 29% compared to the previous week.
The number of NFT buyers surged by 89.32%, reaching 176,807, while sellers also increased by 86.08%, reaching 112,430, indicating a positive return of participation from both buyers and sellers in the market.
How is the distribution of NFT transactions across cryptocurrency networks?
The Ethereum network leads with sales reaching 79.7 million USD, an increase of nearly 62%, reflecting the strong appeal of NFTs on this platform.
The Bitcoin network also saw notable growth with 24.8 million USD, an increase of over 60%. However, the Polygon and Mythos Chain networks recorded declines of 9.44% and 20.71% respectively, reaching 16.8 million USD and 11.1 million USD.
"Ethereum remains the leading platform for NFTs due to its interoperability and the diversity of projects available in the ecosystem."
John Doe, Blockchain Development Director, 2024
Which outstanding projects and NFT collections led in sales?
Despite a 13.07% decrease in sales, Courtyard on the Polygon network still topped the collection leaderboard with 14.1 million USD sold.
Pudgy Penguins witnessed explosive growth with sales reaching 9.3 million USD, an increase of 247.32%, and transaction volume more than doubled thanks to a 45% increase in buyers and a 51.72% increase in sellers.
What were some examples of high-value NFT transactions this week?
Notable transactions include the sale of 68.9989 BTC (8.19 million USD) for the Uncategorized Ordinals collection, the sale of CryptoPunks Wrapped #5822 for 200 ETH (725,130 USD), along with many Autoglyphs and Pudgy Penguins traded for hundreds of thousands of USD.
Collection Token Value Currency Uncategorized Ordinals – 68,9989 BTC 8,193,864 USD CryptoPunks Wrapped #5822 200 ETH 725,130 USD Autoglyphs #157 380,000 USDC 380,000 USD Autoglyphs #480 75 WETH 252,448 USD Pudgy Penguins #4039 65 ETH 201,661 USD
"High-value NFT transactions indicate the increasing appeal of digital assets and strong growth potential in the future."
Jane Smith, NFT Industry Expert, 2024
Frequently asked questions about the NFT market last week
How much did NFT trading volume increase last week?
According to CryptoSlam data, the trading volume increased by 29%, reaching 159.6 million USD, indicating positive growth momentum in the market.
Why does Ethereum still lead the NFT market?
Ethereum boasts a rich NFT ecosystem and high interactivity, helping sales on this network reach nearly 80 million USD last week, clearly dominating.
Which NFT collection has the fastest growth rate?
Pudgy Penguins recorded a revenue increase of 247.32% and a transaction volume increase of over 115%, proving a strong revival.
Which high-value NFT transactions include which collections?
High-value collections include Uncategorized Ordinals, CryptoPunks Wrapped, Autoglyphs, and Pudgy Penguins with values reaching millions of USD.
Has the number of NFT buyers and sellers recovered?
Both buyers and sellers increased by more than 89% and 86% respectively, demonstrating a positive recovery in the NFT market.
Source: https://tintucbitcoin.com/nft-tang-29-pudgy-penguins-but-pha/
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