NFT Market Remains Resilient With 1.23% Increase in Sales, Ethereum Dominates With 81% of Total NFT Settlements

Non-fungible token (NFT) sales rose slightly last week, increasing 1.23% to $232.49 million in recorded sales. The top two NFT collections, Otherdeed and Doodles, saw growth of 44% to 58% compared to the previous week. Ethereum continues to dominate the NFT industry, accounting for more than 81% of total sales last week with $188.51 million in NFT sales.

7-Day NFT Sales Increase; Otherdeed, Doodles See 44% to 58% Growth

NFT sales remain steady this week and during February 2023, with $39.72 million in recorded sales so far this month. Over the past seven days, there were $232.49 million in NFT sales, a 1.23% increase compared to the previous week.

During that time, 481,917 buyers participated in NFT sales, 19.30% more than the previous week. Additionally, 1,390,784 NFT transactions were processed, a 3.21% increase over the prior week. Of the $232.49 million in sales, Ethereum had the most out of the 20 blockchain networks listed on cryptoslam.io.

Ethereum accounted for 81% of total NFT sales, or approximately $188.51 million in settlements. The second largest blockchain for NFT sales was Solana, which processed $27.40 million in the past week, a decrease of 2.65% from the previous week. Immutable X ranked third in NFT sales, with sales rising 37.85% to $4.5 million.

The remaining top NFT sales blockchains, in order, are Cardano, Polygon, Flow, BNB Chain, and Arbitrum. Fantom saw the largest increase in NFT sales this week, with a 73.81% rise, although only $17,064 in NFT sales were settled in the past seven days.

This past week, the top NFT collection was Otherdeed, with sales rising 44.37% to $17.33 million. Doodles saw a 58.49% increase, reaching $13.88 million in total sales. Otherdeed and Doodles were followed by Mutant Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC), and Checks VV Edition.

The highest NFT floor value on February 5, 2023, was for Cryptopunks, at 63.99 ether at 8:00 a.m. Eastern Time. The second highest floor value belonged to the BAYC collection, with a slightly lower value of around 63.5 ether.

The most expensive NFT sales from the past week include: Bored Ape Yacht Club #8,483, which sold for $581,000 seven days ago but then sold again for $490,000 two days later; Cryptopunk #2,311, sold for $511,000 three days ago; Cryptopunk #9092, sold for $496,000 four days ago; BAYC #8,483, making the fourth largest sale after being sold twice; and Cryptopunk #9,611, sold for $482,000 four days ago.

The fifth most expensive sale was Cryptopunk #9,611, followed by Hausphases #379, which sold for $461,000 on Sunday, Feb. 5, 2023.

What do you think will be the next big NFT collection to make waves in the market? Share your thoughts in the comments below.