NFT Market Surges 20.67% to $122.6 Million Despite 80% Drop in Users

The NFT market has seen a significant surge in sales, with a 20.67% increase to $122.6 million over the past week. This growth was driven by substantial gains in top collections such as f(x) wstETH and Pudgy Penguins, which experienced explosive increases despite an over 80% collapse in buyer and seller participation. Ethereum reclaimed its top position in blockchain sales with $50 million, while Bitcoin jumped to second place with $15.5 million in sales. The market's paradox is evident: soaring valuations amidst a shrinking user base.

Ethereum's dominance was further solidified with a 133.36% spike in sales, reaching $50 million. However, wash trading on Ethereum doubled, rising 101.59% to $3.9 million. Bitcoin's performance was also impressive, with a 50.12% increase in sales to $15.5 million, marking a significant improvement from its previous sixth-place position. Polygon (POL) fell to third place with $14.6 million in sales, a decline of 41.86%, while Mythos Chain held the fourth position with $14 million. BNB Chain (BNB) ranked fifth with $7.8 million, and Immutable (IMX) dropped dramatically to sixth place with $6.3 million in sales.

The buyer count declined across all blockchains, with Ethereum leading the drop at 86.74%, followed by Polygon at 88.87% and Bitcoin at 80.22%. Despite the overall decline in participation, top collections like f(x) wstETH and Pudgy Penguins saw substantial gains. f(x) wstETH took the top spot in collection rankings with $15.8 million in sales, driven by institutional activity with only 26 buyers and 1 seller. Pudgy Penguins entered the top five with $3.2 million, surging 130.49% and doubling its transactions, buyers, and sellers.

Notable high-value sales from this week included Autoglyphs #195 sold for 95 ETH ($283,623), Otherdeed Expanded #7 sold for 100 WETH ($278,128), and Autoglyphs #194 sold for 215,000 USDC ($215,000). These sales highlight the continued interest in high-value NFTs despite the overall decline in market participation. The market's paradox of soaring valuations amidst a shrinking user base suggests a shift towards institutional activity and high-value trades, driving the market's growth.