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NFT sales volume up 25% as buyers reemerge

on Feb 29, 2024
  • The NFT market sees an impressive revival in floor prices & market cap.
  • Non-fungible token sales increased by 25% this week.
  • Bitcoin Ordinals collection stole the show as BTC surged past $64K.

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The ongoing crypto market recovery has revitalized related segments. The non-fungible token (NFT) industry has recorded massive growth over the previous week.

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Top NFT collections have seen remarkable growth in sales, floor prices, and market cap.

NFT sales up 25%

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Cryptoslam data shows the non-fungible token market attracted buyers during the final week of February. The global NFT sector saw its sales volume increase by around 25% within the previous week to $356 million.

NFT buyers surge as crypto market recovers

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Further, the number of investors purchasing non-fungible tokens climbed by 43% within the past week to approach 1 million.

Meanwhile, over 617,000 players were selling their NFT assets, a 25% uptick. The heightened trading activities pushed the number of transactions to above 2 million – a 2.55% jump.

Meanwhile, Ethereum, a crypto platform allowing developers to create and deploy dApps, emerged as the most traded blockchain in the NFT space this week. Ether’s sales volume surged 5.25% within the last seven days to $145 million.

The Bitcoin (BTC) blockchain came second with a weekly trading sales volume of $115 million, reflecting a 106% uptick. Meanwhile, Bitcoin NFTs have seen remarkable growth this week.

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Bitcoin Ordinals emerged as the best-selling NFT collection within the past week. It is a Bitcoin blockchain-based non-fungible token marketplace designed using Satoshi Nakamoto’s (the anonymous BTC creator) ordinal concept.

Bitcoin Ordinals’ $24 million sales volume represented a 196% seven-day increase. The collection likely benefits from the ongoing BTC-triggered market recovery. The bellwether crypto reflects stable momentum after crossing the sought-after $60K.

Bitcoin Ethereum Altcoins Blockchain technology Crypto Crypto business NFT