NFT Market Rebounds 8.17% to $125.1 Million as Ethereum Regains Second Place

The NFT market has shown signs of recovery, with sales volume increasing by 8.17% to reach $125.1 million. This uptick follows a decline in the previous week, indicating a resurgence in market activity. Concurrently, Bitcoin (BTC) has surged to the $107,000 level, while Ethereum (ETH) has maintained stability over the past seven days. The global cryptocurrency market capitalization stands at $3.29 trillion, slightly down from last week's $3.28 trillion.

Market participation metrics remain robust, with the number of NFT buyers holding steady at 1,061,348, reflecting a 50.56% growth rate. The number of NFT sellers has increased by 8.09% to 38,494, and NFT transactions have risen by 1.82% to 1,717,339. These figures suggest a healthy level of engagement and activity within the NFT ecosystem.

Immutable (IMX) has reclaimed its dominant position in the NFT market, with sales reaching $33.3 million, a 15.34% increase from the previous week. Ethereum has regained its second-place ranking, with sales of $25.6 million, marking a strong growth of 31.77%. Notably, Ethereum's wash trading has decreased by 14.24% to $1.6 million, indicating a more genuine trading environment.

Polygon (POL), which previously held the second position, has fallen to third place with $16.5 million in sales, a 29.42% decline. Polygon's wash trading has also plummeted by 97.45% to just $34,545, suggesting a significant reduction in manipulative trading practices. Mythos Chain maintains its fourth position with $14 million in sales, down 1.29%. BNB (BNB) has climbed to fifth place with $9.1 million, growing 16.72%, while Bitcoin sits in sixth with $8.1 million, up 2.04%.

The buyer count has increased across most blockchains, with Polygon leading at a 35.63% growth rate, followed by Bitcoin at 23.22% and Mythos Chain at 19.32%. This trend indicates a growing interest and participation from buyers across various blockchain platforms.

In the collection rankings, Guild of Guardians Heroes has reclaimed the top spot with $19.3 million in sales, representing a 15.94% increase. This gaming collection has benefited from Immutable’s renewed strength. Courtyard on Polygon has fallen to second place with $15.4 million, a decline of 11.43%. The collection has experienced decreases in both buyers (80.14%) and sellers (91.83%). DMarket holds third place with $8.9 million, down 1.66%, while Guild of Guardians Avatars remains in fourth with $7.6 million, up 5.95%.

XSY Deposit on Avalanche has re-entered the rankings in fifth place with $6.6 million, showing no change from the previous week. The collection continues to be dominated by a single buyer and seller. Gods Unchained Cards sits in sixth with $6.3 million, jumping 31.24%.

Notable high-value sales from this week include CryptoPunks #1831 sold for 150 ETH ($389,846), CryptoPunks #9778 sold for 150 ETH ($377,958), CryptoPunks #4868 sold for 76.5 ETH ($201,933), CryptoPunks #5586 sold for 70.07 ETH ($185,292), and CryptoPunks #7516 sold for 60 ETH ($158,378). These sales highlight the continued interest and investment in high-value NFTs, particularly within the CryptoPunks collection.

This shift in rankings, with Ethereum reclaiming its second-place position and Polygon falling to third, reflects the dynamic nature of the NFT market. Ethereum's strong growth and reduction in wash trading suggest a more stable and trustworthy environment for NFT transactions. Meanwhile, Polygon's decline in sales and wash trading indicates a potential shift in market preferences or strategies. The overall increase in buyer count and transactions across various blockchains underscores the growing interest and participation in the NFT ecosystem. The high-value sales of CryptoPunks further emphasize the enduring appeal and value of certain NFT collections.