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The global non-fungible token market has broken its recent resistance barrier and has seen a notable surge this week. Despite the recent volatility in the cryptocurrency market this week, non-fungible token sales volume has increased by 6% compared to last week, with $95 million in sales over the last 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 retrieved by CryptoSlam.io, an on-chain crypto market data aggregator and non-fungible token collection explorer, indicates that the global non-fungible token market has recorded a positive gain this week, ending its more than three-month bearish trend. The global NFT market has accumulated a sales and trading volume of $95 million over the past seven days. The booming NFT market has revealed that the future of the NFT market is still bright.
Ethereum, a decentralized peer-to-peer blockchain network known in the non-fungible token market for powering the most prestigious NFT collections, is the most traded blockchain network in the NFT ecosystem this week. Over the past seven days, Ethereum-based NFT collections have racked up $32 million in exchange sales volume. Ethereum NFT exchange sales volume increased by 0.56% this week compared to 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 network this week in the NFT ecosystem. Over the past seven days, Solana-based NFT collections have attracted $19 million in exchange sales volume. Solana NFT exchange sales have jumped 10% this week compared to last week.
Bitcoin, the same blockchain network that powers the flagship cryptocurrency Bitcoin, and known in the NFT market for hosting collections of Bitcoin Ordinals, Runes, and BRC-20 non-fungible tokens, is the third most traded blockchain network in the NFT ecosystem this week. Over the past seven days, Bitcoin-based NFT collections have attracted $14 million in exchange sales volume. Unlike Ethereum and Solana NFTs, Bitcoin NFT exchange sales volume has dropped 10% this week compared to last week.
Polygon, a blockchain network for Ethereum scaling solutions, was the fourth most traded blockchain network on the NFT market this week. Over the past seven days, Polygon-based non-fungible token collections have racked up $9 million in exchange sales volume. Polygon’s NFT exchange sales volume jumped 11.77% this week compared to last week, trailing rival NFT blockchain networks Ethereum and Solana.
Mythos Chain, a permissioned EVM chain based on the Mythos token (MYTH) optimized for gaming assets that power the Mythical Games ecosystem, was the fifth most traded NFT blockchain network. Over the past seven days, the Mythos Chain-based NFT collection has seen $7.2 million in exchange sales volume. Mythos Chain NFT exchange sales volume increased 288% this week compared to last week.
The 10 best-selling NFT collections this week
1. DMarket NFT Collection
DMarket, a collection of non-fungible tokens from the DMarket NFT marketplace created on the Mythos Chain blockchain network, is the top-selling NFT collection this week. Over the past seven days, the DMarket NFT collection has seen a sales volume of $7.1 million. DMarket NFT sales volume has jumped 308% this week compared to last week. It is worth noting that the DMarket NFT collection is the main factor behind the recent growth of the Mythos Chain NFT marketplace.
2. Guardian Guild NFT Collection
Guild of Guardians, a collection of non-fungible tokens from Guild of Guardians, a roguelite mobile role-playing game that allows players to build their dream team of Guardians to fight the corrupting threat of Dread while earning epic rewards, is the second-best-selling NFT series this week. Over the past seven days, the Guild of Guardians NFT collection has attracted $3.47 million in sales volume. Guild of Guardians NFT sales and trading volume increased by 5.52% this week compared to last week.
3. Sorare NFT Collection
Sorare, a collection of non-fungible tokens from Sorare, a blockchain-based fantasy video game featuring the world’s best soccer players, is the third-best-selling NFT collection this week. Over the past seven days, the Sorare NFT collection has seen $3.3 million in exchange sales volume. However, Sorare NFT exchange sales volume has dropped 9.59% this week compared to last week.
4. CryptoPunks NFT Collection
CryptoPunks, a collection of non-fungible tokens from digital asset incubation studio Larva Labs but now managed by digital asset incubation studio Yuga Labs, was the fourth-best-selling NFT collection this week. Over the past seven days, the CryptoPunks NFT collection has generated $2.8 million in exchange sales volume. CryptoPunk, a collection of non-fungible tokens with a limited supply of 10,000 NFTs hosted on the Ethereum blockchain network, surged 24% this week.
5. DogeZuki NFT Collection
DogeZuki, a new non-fungible token collection featuring a fixed supply of 2,800 Shiba Inu-inspired NFTs hosted on the Solana blockchain network, is the fifth-best-selling NFT collection this week. Over the past seven days, the DogeZuki NFT collection has seen $2.8 million in sales volume. DogeZuki NFT sales volume is down 20% this week compared to last week.
6. Bored Ape Yacht Club NFT Collection
Bored Ape Yacht Club, another non-fungible token collection run by digital asset incubation studio Yuga Labs that offers a limited set of 10,000 NFTs hosted on the Ethereum blockchain network, 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 sales volume. However, Bored Ape NFT sales volume has dropped 20% this week compared to last week.
7. Pudgy Penguins NFT Collection
Pudgy Penguins, a collection of non-fungible tokens from digital asset company Igloo Inc., comprising a limited supply of 8,888 NFTs hosted on the Ethereum blockchain network, is the seventh best-selling NFT collection this week. Over the past seven days, the Pudgy Penguins NFT collection has generated $2.2 million in exchange sales volume. Pudgy Penguins NFT exchange sales volume increased 100% this week compared to last week.
8. $?? BRC-20 NFT Collection
$?? BRC-20, a collection of non-fungible tokens created on the Bitcoin blockchain network using the BRC-20 protocol, is the eighth best-selling NFT collection this week. The experimental BRC-20 token standard supports the creation and transfer of fungible tokens via a protocol on the Bitcoin blockchain. Over the past seven days, the $?? BRC-20 NFT collection has generated $2.1 million in commercial sales volume. Sales of $?? BRC-20 NFTs have jumped 65% this week compared to last week.
9. DeGods NFT Collection
DeGods, a non-fungible token collection from the digital asset incubator studio featuring a fixed edition of 4,320 god figures with modern streetwear and artwork inspired by ancient deities hosted on the Solana blockchain network, is the ninth best-selling NFT collection this week. Over the past seven days, the DeGods NFT collection has seen $2.1 million in exchange sales volume. DeGods NFT exchange sales volume has surged 341% this week following the recent launch of the DeGods Hq Telegram chat.
10. NodeMonkes NFT Collection
NodeMonkes, a collection of non-fungible tokens featuring a limited supply of 10,000 NFTs minted on the Bitcoin blockchain network using the Ordinal Protocol, is the tenth best-selling NFT collection this week. Over the past seven days, the NodeMonkes NFT collection has seen $2 million in exchange sales volume, rounding out our top 10 best-selling NFT collections this week. NodeMonkes NFT exchange sales volume is down 18% this week compared to last week.
NFT Market Prediction: Will NFTs Rise Again in the Coming Weeks?
Gary Vaynerchuk, serial crypto entrepreneur, internet personality, and founder of non-fungible token project VeeFriends, is hosting his annual NFT conference, VeeCon 2024, this weekend in Los Angeles, California at the LA Live Entertainment District. The conference-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 mood is up and we’re on our way.
Welcome to #VeeCon2024 🌴 pic.twitter.com/ouBbxZr5Ns
— VeeCon (@veecon) August 9, 2024
VeeCon 2024 and other events are expected to revive the non-fungible token market. Last year, Gary Vee hosted his second annual super conference, the first of its kind, with NFT ticket for VeeFriends and the Web3 community. The NFT conference brought together the crypto and NFT communities to learn, share ideas, and build lasting relationships. An NFT event plays a vital role in restoring trust in the crypto and NFT industries.
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