The world of Non-fungible tokens (NFTs) continues to surge, with the past week alone witnessing a remarkable 138% increase in sales compared to the previous week.
According to recent reports, NFT sales settled in the last week, and amounted to a staggering $801 million, marking a significant rise in the NFT market.
Interestingly, while crypto asset prices took a hit, NFT sales remained robust, with Ethereum accounting for the bulk of the total sales, recording a whopping $762 million. The number of NFT buyers also increased by 34.7% compared to the previous week.
Ethereum Dominating NFT Market
In fact, Ethereum and Panini were the only two blockchain networks in the top 10 rankings in terms of sales that witnessed growth this week, highlighting Ethereum’s dominance in the NFT market.
The most sought-after NFT collection in the past week was Mutant Ape Yacht Club (MAYC), which witnessed a remarkable 444% surge in sales compared to the previous week, garnering over $92 million in settled sales.
Otherdeed, Bored Ape Yacht Club (BAYC), Azuki, and Moonbirds followed closely, with all five collections experiencing a surge of 65% or more during the last seven days.
Additionally, the new NFT marketplace, Blur, outpaced Opensea’s weekly volume, capturing 81% of the NFT market share in settled sales this week. Opensea’s volume accounted for roughly 13.6% of the total NFT sales volume in seven days.
The new Cardano-based marketplace, JPG Store, also saw a rise of 35.94% in NFT sales compared to last week, securing the sixth position in sales this week.
Ordinals NFTs Bloating Size of Bitcoin Blocks
The growth in demand for Ordinal NFTs has brought the total number of inscriptions close to 150,000. As a result, we’re witnessing a bloat in the size of the blocks being mined, with many now exceeding 3 MB and some even approaching 4 MB.
The increase in block size has led to an uptick in the average transaction fee on-chain, which rose by a significant 122% at the start of February. This has divided the Bitcoin community, with some preferring to keep space in the Bitcoin blocks for financial transactions only. In contrast, others see the Bitcoin blockchain as the only immutable blockchain.
Overall, these trends indicate a strong and growing interest in Ordinal inscriptions and the likelihood that NFTs on Bitcoin are here to stay. With these developments, we can expect to see even more growth and progress in the NFT industry in the near future.
NFT Market Looking Very Buoyant
Overall, the NFT market is witnessing a steady growth trajectory, with the recent surge in sales indicative of the growing demand for digital assets.
With Ethereum leading the charge and new players such as Blur and JPG Store entering the market, the future of NFTs seems promising and poised for further growth.
And with the Bitcoin blockchain now getting bloated with NFTs, it can only be bullish for the industry going forward.