Non-fungible token (NFT) sales have soared this past week, climbing 138.15% higher than the week before. Sales recorded between last Friday and Feb. 24, 2023, indicate that $801 million in NFT sales have been settled over the last seven days.
Ethereum Digital Collectibles and Mutant Ape Yacht Club Lead NFT Sales Surge
While crypto asset prices took a step back on Friday, the last seven days have shown a significant rise in NFT sales compared to the previous week. Bitcoin.com News reported last week that NFT sales had surged 43%, but in the past seven days, sales have increased by 138.15% since last Friday. Over the last week, $801 million in NFT sales were settled, and the number of NFT buyers increased by 34.7% compared to the previous week. Ethereum dominated NFT sales over the last seven days, accounting for $762 million of the total sold.
Solana followed Ethereum in NFT sales with $17,717,911, but while Ethereum’s sales jumped 162.67% over the last week, Solana’s NFT sales dropped by 1.86%. Ethereum and Solana are followed by Polygon, Immutable X, and BNB in terms of weekly sales. Every blockchain in the top 10 rankings in terms of sales saw a decline this week except for Ethereum and Panini. Panini’s NFT sales rose 56.52% to $452,827 in sales settled this past week.
The top NFT collection in terms of sales since last Friday is Mutant Ape Yacht Club (MAYC), with sales surging 444.58% higher than the previous week, capturing more than $92 million in settled sales. MAYC is followed by Otherdeed, Bored Ape Yacht Club (BAYC), Azuki, and Moonbirds, respectively. All five NFT collections rose 65% or more during the last seven days. One notable gainer was Opepen Edition, the sixth-largest collection in terms of weekly sales, which saw a 5,235.80% rise since last week, accumulating $37,593,913 in settled sales.
Once again, in terms of ETH-based NFT markets, the new NFT marketplace Blur has outpaced Opensea’s weekly volume, capturing 81% of the NFT market share in settled sales this week. Opensea‘s volume accounted for roughly 13.6% of the total NFT sales volume in seven days. Following Blur and Opensea are X2Y2, Immutable X Marketplace, and Looksrare. The new Cardano-based marketplace, JPG Store, ranks sixth in sales this week as NFT sales rose 35.94% compared to its sales from last week.
What do you think is driving this week’s surge in NFT sales, and where do you see the NFT market heading in the near future? Share your thoughts in the comments section below.