Bitcoin Spearheads Surge as Weekly NFT Sales Soar to Over $423 Million

In the previous week, the Bitcoin (BTC) network witnessed the highest number of non-fungible token (NFT) sales, with total transactions reaching an astounding $423,004,860.

Source: samuelokediji.medium.com

Over the past week, the NFT market has experienced a remarkable surge, with sales increasing by over 32% compared to the previous week. This signifies the third straight week of significant growth in NFT transactions. Leading the pack is Bitcoin, which accounted for $160.37 million in NFT sales, demonstrating an impressive 80.45% increase. Ethereum followed closely with $159.64 million in transactions, indicating a solid 14.41% rise in ETH-based NFT sales. Other notable blockchains like Solana, BNB Chain, and Mythos also witnessed significant growth in NFT sales during this period. Solana recorded approximately $65.129 million in weekly sales, while BNB Chain and Mythos concluded the week with $9.019 million and $7.7 million in sales, respectively. Bitcoin experienced the highest increase in wash trading among the chains, with $465k generated through this practice, representing nearly a 2600% surge from the previous week.

The most profitable NFT collections of the week were dominated by Bitcoin's Uncategorized Ordinals, amassing a notable $41,210,717 in sales, representing a significant 157.74% surge from the previous week. Following closely behind was the NodeMonkes collection, which generated $35,128,917 in transactions. These leading collections were followed by Pandora, Creepz, and NATCATS, completing the top five NFT collections in terms of sales volume. The rise in NFT sales witnessed notable individual transactions on different blockchains. In Bitcoin's blockchain, the NFT "Burgie" was sold for an impressive $1.44 million, whereas a Solana-based NFT named "Composable Restaking Position" was exchanged for $1.1 million.

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