This week, the NFT market showed significant growth, reaching $181 million in sales. This marks a 94% increase compared to the previous week, as reported by CryptoSlam.
NFT Sales Surge 94%
The market for digital collectibles has seen significant growth, fueled by a crypto bull run. NFT sales increased by 94%, reaching $181 million in the past week.
Leading Blockchains in NFT Market
Ethereum leads among blockchains with a 111% increase, reaching $67 million in sales. Bitcoin also made strong gains with $60 million, up 115% from the prior week. The remaining sales were driven by Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, which collectively brought in $45.5 million.
Context and Challenges for NFT Market
Despite the growth, the NFT market faces challenges. Sales have dropped 90% compared to the 2021 peaks. Oversaturation with low-quality projects and economic strains such as inflation and economic slowdown continue to weigh down the market.
While the NFT market has shown impressive growth over the week, long-term challenges remain, demanding attention from investors and industry participants.
