The non-fungible token market and overall crypto ecosystem show signs of recovery after a prolonged bear market. In the past several months, the NFT market had suffered a significant downturn, which left many NFTs nearly worthless. In this article, we shall assess the state of the NFT market in the past seven days.

Bitcoin Ordinals Lead In Sales Volume

Data fetched by CryptoSlam.io, an on-chain market aggregator, indicates that the global NFT market is staging a comeback after a prolonged bear market. In the past seven days, the global NFT market has amassed a trading sales volume of $250 million. However, the NFT market has fallen just 2% in sales volume this week from the past week.

The global NFT market has seen a short spike in the no of collectors selling and buying their NFTs. In the past seven days, 274,286 collectors have sold their NFTs, while 348,687 have bought NFTs. NFT buyers are up 49%, while NFT sellers are 40%. Their interaction in the NFT ecosystem has pushed the NFT transactions up 9% to nearly 2 million.

Non-fungible tokens hosted on the Bitcoin blockchain network “Bitcoin Ordinals” are the most traded NFT collection this week, amassing a trading sales volume of $122 million in the past seven days. However, Bitcoin Ordinals have plunged 8.90% this week compared to the past week.

Ethereum-based NFTs, which have dominated the NFT market for the past several years, are the second most traded NFT collections this week. Ethereum-based NFTs have recorded a trading sales volume of $77 million in the past seven days. Ethereum NFTs are down 1.64% this week from the past week.

Source: CryptoSlam.io, NFT Sales By Blockchains

Digital collectibles hosted on Solana, a blockchain network that uses a proof-of-stake mechanism to provide smart contract functionality, are the third most traded NFT collections this week. Solana-based NFT collection has amassed a trading sales volume of $22 million in the past seven days. Solana NFTs are up 19.19% this week from the past week.

This week, non-fungible tokens hosted on Polygon, an Ethereum scaling network, are the fourth most traded NFT collection. In the past seven days, the Polygon-based NFT collection has recorded sales of $6.3 million. However, Polygon NFTs have fallen 22% in sales this week compared to the past week.

Immutable -X NFTs are the fifth most traded NFT collection this week. In the past seven days, Immutable -X-based NFTs have recorded a trading sales volume of $5.5 million, closing our top traded NFT list by blockchain network this week. Immutable-x NFT collections are 22% in sales volume this week.

Top Selling NFTs In The Past 7 Days

Source: CryptoSlam.io, top selling NFTs In the past 7 days

1. $RAT BRC-20 NFTs

$Rats is the animal token created on the Bitcoin blockchain network using the BRC-20 protocol. $RAT BRC-20 has been the most traded NFT collection this week, amassing a trading sales volume of $14 million in the past seven days. However, the $RAT BRC-20 NFT collection is down 17.21% from the past week.

2. $SAT BRC-20 NFTs

$SAT, another crypto token created on the Bitcoin blockchain network using the BRC-20 protocol, has been the second most selling NFT collection this week. In the past seven days, the $SAT BRC-20 NFT collection has recorded a trading sales volume of $14.6 million. $SAT BRC-20 NFTs are down 53% this week from the past week.

3. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, an NFT collection from the digital asset firm Yuga Labs featuring a fixed set of 10,000 NFTs hosted on the Ethereum network, has been the third most traded NFT collection this week. Bored Ape Yacht Club NFT collection has raised $8 million in the past seven days. Bored Ape Yacht Club NFTs are down 17% in sales this week from the past week.

4. Bitcoin Ordinals ‘Uncategorized’ NFTs

Bitcoin Ordinals, a non-fungible token collection inscribed using Satoshi Nakamoto’s Ordinal theory on the Bitcoin blockchain network, has been the fourth top-selling NFT collection this week. In the past seven days, Bitcoin Ordinals have recorded a trading sales volume of $7.2 million.

5. $CAT BRC-20 NFTs

$CAT is the animal token created on the Bitcoin blockchain network using the BRC-20 protocol. The NFT collection has been the fifth most selling NFT collection, raising a trading sales volume of $7.2 million. During this period, $CAT BRC-20 NFT is up 99% from the past week.

Source: CryptoSlam.io, top selling NFTs In the past 7 days

6. AOI Engine NFT Collection

AOI Engine is the generative art collection on the Art Blocks Engine from the digital artist Jack Butcher. The NFT collection was released to determine the cumulative fastest lap times of Oracle Red Bull Racing during the 2023 season, offering collectors a limited opportunity to own a piece whose rarity reflects the team’s peak performance. AOI Engine has been the sixth most traded NFT collection, recording a sale volume of $6 million.

7. $? BRC-20 NFTs

The question mark ‘$?’ is another crypto token created on the Bitcoin blockchain network using the BRC-20 protocol. $? BRC-20 NFTs have been the seventh most-selling NFT collection, recording a sales volume of $5.5 million in the past seven days. $? BRC-20 NFTs are up 871% in sales this week from the past week.

8. Gods Unchained NFT Collection

Gods Unchained is a non-fungible token hosted on Immutable X, an Ethereum first zero-knowledge rollup (zk-rollup) for NFTs. Gods Unchained has been the eighth most traded NFT collection this week. In the past seven days, the NFT collection has recorded a sales volume of $5.2 million. Gods Unchained NFTs are up 24% this week from the past week.

9. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club, an NFT collection from the digital asset incubation studio Yuga Labs featuring a limited set of 20,000 NFTs hosted on Ethereum, has been the ninth top-selling NFT collection this week. In the past seven days, Mutant Ape Yacht Club has recorded a trading sales volume of $5.1 million. Mutant Ape Yacht Club NFTs are up 75% in sales this week from the past week.

10. $MMSS BRC-20 NFTs

$MMSS is another crypto token created on the Bitcoin blockchain network using the BRC-20 protocol. This week, $MMSS has been the tenth most traded NFT collection, attracting a sales volume of $4.7 million. $MMSS BRC-20 closed our ten top-selling NFT lists in the past seven days.

The NFT Market Prediction

The global non-fungible token market continues showcasing a strong market potential of booming even more in the coming weeks. According to Statista, an on-chain analytic firm, the global non-fungible token market size is expected to reach USD 211.72 billion by 2030, growing at a CAGR of 34.2% from 2023 to 2030.

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• Source: https://insidebitcoins.com/news/nft-sales-fall-2-this-week-heres-what-you-should-expect-this-coming-week