NFT Market Booms: Sales Reach $198 Million Amid Crypto Fluctuations
Jan 31
2 min read
The NFT market is experiencing a significant surge, with sales reaching $198.1 million, marking a 22.44% increase from the previous week. This growth comes despite fluctuations in the broader cryptocurrency market, where Bitcoin has seen a rise to $104,000 while Ethereum has dipped below $3,300. The influx of new traders has contributed to this vibrant market activity, with both buyers and sellers increasing substantially.
Key Takeaways
NFT sales volume increased to $198.1 million from $164.3 million.
The number of NFT buyers rose by 62.09% to 447,099.
NFT sellers grew by 44.53% to 319,002.
Total transactions dipped slightly by 4.04% to 1,413,428.
Ethereum NFT Sales Spike
Ethereum NFTs have seen a remarkable increase, with sales rising by 41.56% to $116.2 million. This surge was accompanied by 48,616 new buyers entering the market. However, wash trading also saw a significant rise of 53%, totaling $64.9 million.
In contrast, Bitcoin NFT sales experienced a decline of 7.82%, dropping to $25.5 million, although the number of buyers increased by 44.72% to 34,483. Solana NFTs also gained traction, with sales up 21.40% to $18.1 million, attracting 160,057 buyers.
Notable NFT Collections
Several NFT collections have shown impressive growth this week:
Azuki: Sales soared by 106% to $29.3 million, with 547 buyers and 576 sellers.
Milady Maker: This collection surged by an astonishing 891.32% to $11.4 million.
Pudgy Penguins: Maintained a steady performance with $11 million in sales, up 27.09%.
Azuki Elementals: Sales increased by 49% to $9.5 million.
CryptoPunks: Despite a slight drop of 3.72%, it still generated $8.2 million in sales.
Top Sales of the Week
The week also witnessed some remarkable individual NFT sales:
CryptoPunks #6472: Sold for $740,179 (225 ETH).
Azuki #6649: Sold for $546,615 (165.8291 ETH).
Kreating Colourblin: Sold for $392,235 (400,040.5881 ADA).
BOOGLE #9UiHGVa: Sold for $369,875 (1400.02 SOL).
Autoglyphs #378: Sold for $322,556 (100 WETH).
Market Overview
Despite the NFT market's growth, the overall cryptocurrency market cap has slightly decreased to $3.58 trillion from $3.6 trillion. This indicates a complex relationship between NFT sales and the broader crypto market dynamics. As the NFT sector continues to thrive, it remains to be seen how these trends will evolve in the coming weeks, especially with the ongoing fluctuations in cryptocurrency prices.
Sources
NFT sales surge to $198m, Azuki sales soar 107% in a week, crypto.news.
NFTs Hit $187M: Ethereum Sales Soar While Bitcoin Slips in a Tumultuous Week – Markets and Prices Bitcoin News, Bitcoin.com News.