The non-fungible token market has seen significant growth this week and is projected to continue expanding

The non-fungible token market has seen significant growth this week and is projected to continue expanding

The non-fungible token market has seen significant growth this week, with the global NFT market reporting a sales volume of $115 million in the past seven days. The new data from on-chain crypto market data aggregator and multi-chain non-fungible token collection explorer, shows that the NFT market has recorded positive gains again this week.

According to the data from cryptoslam.io on Thursday, August 10, the global NFT market has attracted a trading sales volume of $115 million in the past seven days. The new stats highlight a 10.85% increase from last week's report, which stated that the NFT market recorded $106 million last week.

The non-fungible token market has struggled to recover from the recent crypto winter, which saw the cryptocurrency market decline sharply from its 2021 highs. However, the crypto market has since begun to show signs of recovery, with the flagship crypto "Bitcoin (BTC)" now approaching its initial all-time highs.

The crypto market rally appears to be spilling over into the NFT market, which has also begun to show signs of recovery in recent weeks. The non-fungible token market is now showing signs of a modest recovery, with the global NFT market reporting a sales volume of $115 million in the past seven days.

Most Traded Blockchain Networks In The NFT Market

The blockchain network renowned in the NFT market for powering most of the blue-chip NFTs, Ethereum is this week's most-traded blockchain network in the NFT market. In the past seven days, the Ethereum-based NFT collections have amassed a trading sales volume of $37 million. During this period, the Ethereum-based NFT trading sales volume has surged by 55% from the past week.

The second-most-traded blockchain network in the NFT market is Polygon, an Ethereum scaling solution blockchain network. In the past seven days, the Polygon-based non-fungible token collections have attracted a trading sales volume of $19 million. During this time, the Polygon NFT trading sales volume has plunged by 6.29% from the past week. Polygon's NFT has been fueled by the Courtyard NFT explosion.

Source: CryptoSlam

The third most-traded blockchain network in the NFT market is Mythos Chain, the Ethereum Virtual Machine EVM -compatible blockchain network that ensures secure and efficient transactions in the Mythos NFT gaming ecosystem. In the past seven days, the Mythos Chain-based NFT collections have recorded a trading sales volume of $15 million. During this time, the Mythos Chain NFT sales volume has surged by 0.03% from the past week.

The blockchain network recognized in the NFT market for powering the popular Ordinals and BRC-20 NFT collections and hosting the flagship crypto Bitcoin, Bitcoin is this week's fourth most-traded blockchain in the NFT market. Over the past seven days, the Bitcoin-based NFT collections have generated a trading sales volume of $13 million. During this period, the Bitcoin NFT trading sales volume has surged by 4.89% from the past week.

The fifth most-traded blockchain network in the global NFT market is Solana, an open-source blockchain network that supports smart contracts, including non-fungible tokens and a variety of decentralized applications. In the past seven days, the Solana-based NFT collection has amassed a trading sales volume of $7.9 million. During this period, the Solana NFT trading sales volume surged by 5.72% from the past week.

Five Top Selling NFTs This Week

1. Courtyard NFT Collection

Courtyard, a non-fungible token collection featuring a limited edition of 80,461 unique digital items living on the Polygon blockchain network, is this week's most-selling non-fungible token collection in the NFT market. In the past seven days, the Courtyard NFT collection has recorded a trading sales volume of $17 million. During this time, the Courtyard NFT trading sales volume has plunged by 1.84% from the past week.

2.DMarket NFT Collection

DMarket, a renowned non-fungible token collection that features in-game virtual items from the popular online NFT games, like Counter-Strike, Rust, and Dota 2, is this week's second most-selling NFT collection in the NFT market. In the past seven days, the DMarket NFT collection has raised a sales volume of $10 million. During this time, the DMarket NFT sales volume rose by 0.73% from the past week.

Source: CryptoSlam

3. Doodles NFT Collection

Doodles, a non-fungible token collection from the digital artist Burnt Toast featuring a fixed set of 10,000 cartoon NFTs hosted on the Ethereum blockchain network, is this week's third most