The NFT market reported a 17% surge to $145.3 million, though the Bitcoin (BTC) network reports it led the surge in NFT sales, delving deeper into $47.74 million—an astronomical 50.33% rise from last week's report.
Still, there was over $39,000 of wash trading on the Bitcoin network, up 15.39% from last week. Even though NFT sales are up, there was a massive drop of almost 96% in active buyers, with only 2,056 addresses participating in trading.
The Ethereum blockchain followed Bitcoin with NFT sales of over $35 million during the week of June 2 to June 8. These results are slightly down from the week earlier, which posted NFT sales of $37.43 million, marking a 0.31% drop and placing the Ethereum blockchain as the second network with the most NFT sales volume. The wash trading on the Ethereum blockchain was also reduced by about 6.87% to $24.7 million. The network had over 15,000 active buyers, which also posted a decrease of 59.67% from the week earlier.
Polygon (MATIC) also reported substantial growth in NFT sales, with a surge of over 22% to hit $19.63 million. Solana (SOL) ranked fourth with $18.225 million worth of sales; this was down by 4.53%, while Immutable X (IMX) grew by 13.15%. The fact that the growth is sustained so widely means that appetite for NFTs isn't simply confined to the biggest players but is instead felt across a far broader base of collectors and investors.
The Cardano blockchain reported the highest NFT sale this week when an NFT was purchased at $219,102 three days ago. More followed, with an Ethereum-based Cryptopunk #1002 selling at $193,372 two days ago. A Matr1x Fire Weapon NFT from Polygon ranked third, selling for $97,685.
Solana's DeezNode #033 was the fourth most expensive NFT sold, going for $76,029. A Bitcoin Ordinal NFT sold for $73,339, making it the fifth-highest sale of the week.
Bitcoin's PIZZA NFTs topped the charts, generating $17.932 million in the last seven days. Immutable X's Guild of Guardians came in second with $7.014 million, a 23.90% increase. Polygon's Moongirl NFTs secured the third spot with $5.799 million in sales, representing a massive 643.51% increase from the previous week.
It's data like the above that indicates growth within the realms of many of the major, established platforms, such as ANZALI, Solana, and Polygon. Collections like the PIZZA NFTs underscore the notion that renewed interest might indeed be coming from collectors.
There are several other reasons why people could be getting more interested in NFTs now. First of all, the market has cooled down recently, offering a second opportunity for sharp-minded investors. Besides, the increasing utility of NFTs in different industries, such as games and digital art, is attracting a diverse range of investors.
Further, when the crypto market as a whole expands, so does the interest in NFTs. When mainstay cryptocurrencies such as Bitcoin and Ethereum gain an uptrend, the markets attached to their value usually witness such effects, and vice versa.
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