The Non-Fungible Token (NFT) market is showing signs of a strong comeback after a period of slowed momentum. Sales volumes have increased by 10.44%, reaching $136.5 million.
Strong Crypto Prices Support NFT Growth
The rise in NFT sales coincides with the broader crypto market’s upward trend. Bitcoin (BTC) has climbed to $108,000, while Ethereum (ETH) has also gained 3.6% over the past week. The global crypto market cap is now $3.33 trillion, higher than last week’s $3.21 trillion. This growth in top crypto assets is revitalizing the NFT sector, attracting both seasoned investors and newcomers.
Immutable Leads as Polygon Gains Ground
Among all blockchains, Immutable remains the leader in NFT sales, generating $43.9 million this week, a 30% increase from the previous week. Its growth continues to be driven by popular gaming collections. Polygon, now known as POL, moved into second place with $25 million in sales, a 51.53% increase from last week. The Ethereum blockchain dropped to third place with $22.5 million in NFT sales, an 8.63% decrease.
CryptoPunks Reclaim the Spotlight
CryptoPunks, one of the oldest and most well-known NFT collections, has risen again, climbing to ninth place with $2 million in sales. Some CryptoPunks have been sold for high prices as one Punk fetched 150 ETH, equivalent to approximately $389,000. Collectors demonstrate a willingness to pay significant amounts for rare NFTs.
In conclusion, the resurgence of interest in NFTs amid rising cryptocurrency prices reflects a dynamic shift in the digital asset landscape, despite the drop in transaction numbers.
