In a noteworthy surge, the Bitcoin (BTC) network has demonstrated its prowess in the non-fungible token (NFT) space, recording an astonishing $423,004,860 in overall transactions over the past week. This marks a remarkable 32% increase compared to the previous week, highlighting the third consecutive week of robust growth in the NFT market.
According to data compiled by Cryptoslam.io, Bitcoin emerged as the frontrunner in NFT transactions, boasting $160.37 million in sales, representing an impressive surge of 80.45%. Ethereum (ETH) closely followed with $159.64 million in transactions, showcasing a respectable 14.41% uptick in ETH-based NFT sales.
Other prominent blockchains, including Solana (SOL), BNB Chain (BNB), and Mythos Chain (MYTH), also experienced significant growth in NFT sales during this period. Cryptoslam’s data reveals that Solana achieved approximately $65.129 million in weekly sales, while BNB Chain and Mythos concluded the seven days with $9.019 million and $7.7 million in sales, respectively.
Despite the positive trend, Bitcoin also registered the highest increase in wash trading, with the $465k generated through this practice representing an extraordinary 2600% surge from the previous week.
The top-grossing NFT collections for the week were spearheaded by Bitcoin’s Uncategorized Ordinals, amassing an impressive $41,210,717 in sales, marking a substantial 157.74% increase from the previous week. Following closely was the NodeMonkes collection, achieving $35,128,917 in transactions, while Pandora, Creepz, and $NATCATS rounded out the top five NFT collections by sales volume.
Individual transactions across various blockchains added to the fervor of the NFT market. On the Bitcoin blockchain, the NFT “Burgie” fetched an astonishing $1.44 million, while a Solana-based NFT titled “Composable Restaking Position” changed hands for $1.1 million. Ethereum’s “Lif3 v3 Position” NFT commanded $597,800, and a BNB Chain “Lockdeal” NFT was acquired for $416,504. A Polygon “Dfyn” NFT also found a buyer at $100,000, underscoring the diversity and value of NFTs across different platforms.
In the midst of this surge in NFT sales, popular marketplace Opensea faced a significant downturn in February. According to data from the analytics platform Dune, sales on OpenSea decreased substantially, accounting for only 33% of the total NFT sales in February – the lowest figure since May of the previous year. The active user base on the platform also declined, with only 103,000 users making at least one sale in February.
