NFT market sees 17% surge to $145.3m as Bitcoin leads with 50% sales increase.

The total sales in the Bitcoin NFT space reached $145.3 million, with close to 230,000 active buyers and sellers. Additionally, there was a significant increase in wash trading, which amounted to more than $39,000, up by 15.39% compared to the previous week.

Despite the improved sales volume, there was a sharp decline of almost 96% in the number of active buyers in the Bitcoin NFT space, with only 2,056 addresses participating in the week’s trading. The Ethereum blockchain took a lead over Bitcoin in terms of the number of NFT sales, with a slight decrease of 0.31% and a wash trading decrease of 6.87% to settle at $24.7 million.

Ethereum was notably more active than Bitcoin in terms of buyers, with over 15,000 participants in NFT transactions, but this still represented a 59.67% drop from the previous week. This increase in activity indicates a widespread resurgence of interest in NFTs, suggesting the potential for sustained growth and not just limited to major players in the industry.

Polygon also made an impact in the top NFT collectible sales, with a Matr1x Fire Weapon NFT exchanging hands for $97,685. Bitcoin’s PIZZA NFTs, generating $17.932 million, emerged as the top-performing NFT collection in the last seven days.

Immutable X’s Guild of Guardians and Polygon’s Moongirl NFTs secured the second and third spots, generating $7.014 million and $5.799 million in sales, respectively. This resurgence in NFT interest can be attributed to several factors, including a recent market dip offering buying opportunities for savvy investors, increasing utility of NFTs across various sectors, and the overall growth of the crypto market positively impacting NFTs.

As major cryptocurrencies like Bitcoin and Ethereum increase in value, their associated NFT markets often receive a similar boost.

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