NFT Market Shows Signs of Changing Momentum Across Major Blockchains

The NFT market is showing signs of changing momentum across major blockchains, with several collections posting strong recoveries while others continue to decline.

In the ever-shifting landscape of the NFT market, varying degrees of momentum are emerging across major blockchains. As some collections post strong recoveries, others continue to decline. Analyzing sales volume data over the past seven days reveals inconsistent activity patterns among the top 10 NFT projects.

As reported by TokenPost, CryptoPunks, one of Ethereum’s most recognized NFT collections, saw a surge in weekly sales, reaching $8.19 million. This figure represents a 124.16% increase compared to the prior period. Despite only 53 transactions taking place, the rise in both buyer and seller activity after last week’s inactivity signals renewed attention from participants.

The significant spike in sales volume catapults CryptoPunks among the top three collections in terms of total value, even with its limited trade count. This contrasts with the previous week, where CryptoPunks fell out of the top 10 due to minimal activity following the holidays.

Another Ethereum-based collection, Pudgy Penguins, experienced strong growth, with sales rising 88.21% to $3.17 million. This increase was driven by greater participation from both buyers and sellers.

Meanwhile, Bored Ape Yacht Club saw a period of decline, but this week saw a slight recovery as sales rose 43.97% to $2.1 million. Its metrics improved across all categories, indicating a brief resurgence in market activity after several weeks of decline.

On the Bitcoin network, BRC-20 NFTs displayed strong weekly performance as they surged 103.31% to $7.3 million in total sales. This was accompanied by an increase in transactions, buyers, and sellers.

With sales increasing by 96.91% and transactions by 69.47%, Taproot Wizards indicate that Bitcoin-related NFTs are gaining momentum. However, the collection fell out of the top 10 due to a decrease in sellers.

Top-Ranked Collection Suffers Sales Drop Despite Lead Position

Courtyard, a Polygon-based project known for metaverse-focused games and gaming-related NFTs, retained its position as the top-selling NFT collection for the week, generating $9.96 million in volume. However, this figure shows a 43% decline from the previous week.

The collection also saw reduced engagement, with 33% fewer transactions and 22.22% less interest from both buyers and sellers. Despite holding the top rank, the drop in figures and engagement from participants reflects a broader cautionary period in the market.

Following closely was Mythos-based DMarket, which brought in $8.41 million. The number of sales fell by 18.6%, and there were 11.2% fewer sellers. The decrease in statistics indicates that many individuals participated in fewer events, despite the sports’ popularity.

Avalanche and Immutable-ZK showed varied results this week. XSY Deposit on Avalanche saw the biggest decline among the top 10, falling 49.59% to just under $1 million. The project recorded only 15 transactions, with one buyer and one seller involved, highlighting minimal weekly activity.

Guild of Guardians Heroes generated $5.9 million this week, although there were fewer buyers and deals than before. The Guild of Guardians Avatars trade brought in $2.57 million, although the number of sellers decreased, hinting at a mild reduction in the trade.

Generally, the report points to inconsistent progress among different NFTs. The activities and sales of Bitcoin and Ethereum projects grew, whereas many projects built on different chains saw their daily activities and trading volumes drop.