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The global NFT market has broken through its last resistance barrier and seen a significant surge this week. Despite the recent volatility in the crypto market this week, NFT trading volume has increased by 6% over the past week, with $95 million worth of trades in the past seven days. In this article, we will assess whether the NFT market will maintain this positive growth in the coming weeks.
NFT Sales Up 6% This Week
Data fetched by CryptoSlam.ioOn-chain cryptocurrency market data aggregator and NFT collector explorer Cryptocurrency reported that the global NFT market posted some positive gains this week, breaking its more than three-month downtrend. The global NFT market has garnered $95 million in trading volume in the past seven days. The NFT market’s rise has revealed that the future of the NFT market is still bright.
Ethereum, a peer-to-peer decentralized blockchain network that is best known in the NFT market for powering the most valuable NFT collections, is the most traded blockchain network in the NFT ecosystem this week. In the past seven days, Ethereum-based NFT collections have amassed a trading volume of $32 million. Ethereum’s NFT trading volume is up 0.56% this week from last week.
Solana, an open-source blockchain that supports smart contracts, including non-fungible tokens and various decentralized applications, is the second most traded blockchain in the NFT ecosystem this week. In the past seven days, Solana-based NFT collections have attracted $19 million in trading volume. Solana NFT trading volume is up 10% this week compared to last week.
Bitcoin, the same blockchain network that powers the leading cryptocurrency, Bitcoin, and is popular in the NFT marketplace for hosting Bitcoin Ordinals, Runes, and BRC-20 non-fungible tokens, is the third most traded blockchain network in the NFT ecosystem this week. In the past seven days, Bitcoin-based NFTs have attracted $14 million in trading volume. Unlike Ethereum and Solana NFTs, Bitcoin NFT trading volume is down 10% this week from last week.
Polygon, an Ethereum scaling solutions blockchain, was the fourth most traded blockchain this week in the NFT market. Over the past seven days, Polygon-based NFT collections have amassed a trading volume of $9 million. Polygon NFT trading volume is up 11.77% this week compared to last week, trailing rival blockchains Ethereum and Solana NFT.
Mythos Chain, a licensed EVM chain based on the Mythos (MYTH) token for in-game assets that powers the Mythical Games ecosystem, was the fifth most traded NFT blockchain. In the past seven days, the Mythos Chain-based NFT collection recorded a trading volume of $7.2 million. Mythos Chain NFT trading volume is up 288% this week compared to last week.
10 Best-Selling NFT Collections This Week
1. DMarket NFT Collection
DMarket, a non-fungible token collection from the DMarket NFT marketplace platform built on the Mythos Chain blockchain, is the top-selling NFT collection this week. In the past seven days, the DMarket NFT collection has recorded a trading volume of $7.1 million. DMarket NFT trading volume has increased by 308% this week compared to last week. It is worth noting that the DMarket NFT collection is the primary factor behind the recent growth of the NFT market on Mythos Chain.
2. Guild of Guardians NFT Collection
Guild of Guardians, a non-fungible token collection from Guild of Guardians, a mobile RPG that lets players build their dream team of Guardians to fight the corrupting threat of the Dread while earning epic rewards, is the second-best-selling NFT series this week. In the past seven days, the Guild of Guardians NFT collection has attracted $3.47 million in sales volume. Guild of Guardians NFT trading volume is up 5.52% this week from last week.
3. Sorare NFT Collection
The Sorare Collection, a non-fungible token collection from Sorare, a play-to-win blockchain-based fantasy video game featuring the world’s best soccer players, is the third best-selling NFT collection this week. In the past seven days, the Sorare NFT collection has seen $3.3 million in trading volume. However, Sorare NFT sales volume is down 9.59% this week compared to last week.
4. CryptoPunks NFT Collection
CryptoPunks, a non-fungible token collection from digital asset incubation studio Larva Labs but now operated by digital asset incubation studio Yuga Labs, was the fourth-best-selling NFT collection this week. In the past seven days, the CryptoPunks NFT collection has garnered $2.8 million in trading volume. CryptoPunk, a limited-supply NFT collection of 10,000 NFTs hosted on the Ethereum blockchain, is up 24% this week.
5. DogeZuki NFT Collection
DogeZuki, a new NFT collection featuring a fixed supply of 2,800 Shiba Inu-themed NFTs hosted on the Solana blockchain, is the fifth best-selling NFT collection this week. In the past seven days, the DogeZuki NFT collection has seen $2.8 million in trading volume. DogeZuki NFT trading volume is down 20% this week from last week.
6. Bored Ape Yacht Club NFT Collection
Bored Ape Yacht Club, another NFT collection run by digital asset incubation studio Yuga Labs that features a limited run of 10,000 NFTs hosted on the Ethereum blockchain, is the sixth-best-selling NFT collection this week. Over the past seven days, the Bored Ape Yacht Club NFT collection has seen $2.4 million in trading volume. However, Bored Ape NFT trading volume is down 20% this week from last week.
7. Pudgy Penguins NFT Collection
Pudgy Penguins, a non-fungible token collection from digital asset company Igloo Inc. featuring a limited supply of 8,888 NFTs hosted on the Ethereum blockchain, is the seventh best-selling NFT collection this week. In the past seven days, the Pudgy Penguins NFT collection has generated $2.2 million in trading volume. Pudgy Penguins NFT trading volume is up 100% this week from last week.
8. BRC-20 NFT Collection worth $??
$?? BRC-20, a non-fungible token collection created on the Bitcoin blockchain using the BRC-20 protocol, is the eighth best-selling NFT collection this week. The experimental BRC-20 standard supports the creation and transfer of fungible tokens via a protocol on the Bitcoin blockchain. In the past seven days, the $?? BRC-20 NFT collection has generated $2.1 million in trading volume. $?? BRC-20 NFT sales are up 65% this week compared to last week.
9. DeGods NFT Collection
DeGods, a non-fungible token collection from digital asset incubator studio featuring a fixed edition of 4,320 god figures with modern streetwear and ancient god-inspired art hosted on the Solana blockchain, is the ninth best-selling NFT collection this week. In the past seven days, the DeGods NFT collection has recorded $2.1 million in trading volume. DeGods NFT trading volume has surged 341% this week following the launch of the recent DeGods Hq Telegram chat.
10. NodeMonkes NFT Collection
NodeMonkes, a non-fungible token collection featuring a limited supply of 10,000 NFTs created on the Bitcoin blockchain using the Ranking Protocol, is the 10th best-selling NFT collection this week. In the past seven days, the NodeMonkes NFT collection has recorded $2 million in trading volume, closing out our top 10 best-selling NFT collections this week. NodeMonkes NFT trading volume is down 18% this week from last week.
NFT Market Predictions: Will the NFT Market Rise Again in the Coming Weeks?
Serial crypto entrepreneur, internet personality, and founder of the non-fungible token project VeeFriends, Gary Vaynerchuk, is hosting his annual NFT conference, VeeCon 2024, this week in Los Angeles, California, at the LA Live Entertainment District. The conference and festival will feature conversations with the most accomplished, ambitious, and curious thought leaders in business, marketing, technology, innovation, and pop culture.
The wait is over, the doors are open, the atmosphere is cheerful, and we are on our way.
Welcome to #Vicon2024 Conference 🌴 pic.twitter.com/ouBbxZr5Ns
— Veecon (@veecon) August 9, 2024
VeeCon 2024 and other events are expected to recharge the NFT market. Last year, Gary hosted his second annual conference, the first of its kind to include NFT tickets for the VeeFriends and Web3 community. The NFT conference brought together the crypto and NFT communities to learn, share ideas, and build lasting relationships. The NFT event plays a vital role in restoring trust to the crypto and NFT sectors.
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