The ongoing crypto market recovery has revitalized related segments. The non-fungible token (NFT) industry has recorded massive growth over the previous week.
Top NFT collections have seen remarkable growth in sales, floor prices, and market cap.
NFT sales up 25%
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
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.
#Bitcoin NFTs are on the rise with a notable 28.7% surge in volume over the last 24 hours.
Are you trading any Ordinals?
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https://t.co/WfU3R0ITEA pic.twitter.com/340yzDbPgN
— CoinGecko (@coingecko) February 26, 2024
Bitcoin ordinals dominate trends
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.
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