NFT Market Surges 1.84% With Immutable And Polygon Leading The Way

The non-fungible token (NFT) market has experienced a significant surge in activity this week, with trading sales volume reaching $128 million, marking a 1.84% increase from the previous week. This growth is accompanied by a 50% increase in the number of NFT buyers, indicating a renewed interest and potential recovery in the NFT market. The rise in sales volume and buyer participation suggests that the market is gaining traction and attracting more participants.

Immutable, a Layer-2 scaling solution for Ethereum, has emerged as the most-traded blockchain network in the NFT market this week. Immutable-based NFT collections have amassed a trading sales volume of $36 million, although this represents a 13% decrease from the previous week. This shift highlights Immutable's growing influence in the NFT ecosystem, as it dethroned Ethereum from its previous market dominance.

Polygon, another Ethereum scaling solution, has also made significant strides, becoming the second most-traded blockchain network in the NFT market. Polygon-based NFT collections have raised $24 million in trading sales volume, a 47% increase from the previous week. This surge has allowed Polygon to surpass its parent network, Ethereum, in terms of trading sales volume.

Ethereum, once the dominant player in the NFT market, has seen its trading sales volume decrease by 14% to $21 million. Despite this decline, Ethereum remains a key player in the NFT ecosystem, powering many of the market's blue-chip NFTs.

Mythos Chain, the blockchain network supporting the Mythos gaming ecosystem, has recorded a trading sales volume of $14 million, a marginal increase of 0.08% from the previous week. This positions Mythos Chain as the fourth most-traded blockchain network in the NFT market.

Bitcoin, known for powering popular NFT collections like Ordinals and BRC-20, has seen a 35% increase in its NFT trading sales volume, reaching $11 million. This surge places Bitcoin as the fifth most-traded blockchain in the NFT market, underscoring its growing relevance in the NFT space.

The top-selling NFT collections this week include Guild of Guardians Heroes, which recorded a trading sales volume of $21 million, despite a 10.75% decrease from the previous week. Courtyard, a Polygon-based NFT collection, followed with $18 million in sales, a 17% increase. DMarket, representing in-game virtual items, raised $9.1 million, a slight decrease of 0.08%. Guild of Guardians Avatar and Gods Unchained rounded out the top five, with sales volumes of $8.5 million and $5.9 million, respectively.

The increase in NFT sales and buyer participation, along with the rise in sellers and transactions, suggests a potential recovery and renewed interest in the NFT market. The shift in market dominance from Ethereum to Immutable and Polygon indicates a growing diversity in the blockchain networks supporting NFTs. The performance of various NFT collections highlights the continued popularity of gaming and virtual item-related NFTs, as well as the enduring appeal of established NFT series like Gods Unchained.