TL;DR
- Sales of high-profile NFT collections such as CryptoPunks and Bored Ape Yacht Club have seen notable increases.
- NFT sales volume reaches $92 million, this represents a 13% increase in the last week.
- Bitcoin, Ethereum, and Solana are on the decline, while NFTs are gaining ground.
The dynamics of the cryptocurrency and NFT markets have taken a notable turn in the past week.
While the prices of traditional cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) continue to decline, the NFTs sector is experiencing an unexpected boom.
Sales of high-profile NFTs collections have seen significant increases, with CryptoPunks and Bored Ape Yacht Club standing out with notable sales increases.
This phenomenon reflects a shift in investor interest, who are seeking new opportunities within the crypto ecosystem.
According to recent data from CryptoSlam, the total NFTs sales volume has reached $92 million in the past week, a 13% increase compared to the previous week.
This increase has been driven by a rise in the number of buyers and sellers, both of which have grown by more than 75%.
Among the most prominent collections, CryptoPunks leads the market with $7 million in sales, representing an impressive 400% increase.
Bored Ape Yacht Club has also seen a significant increase in sales, reaching approximately $3.5 million, a 63% rise.
Other major projects such as Ordinals, Solana Monkey Business, and Mutant Ape Yacht Club have experienced sales increases of 320%, 113%, and 7%, respectively.
In terms of blockchains, Ethereum-based NFTs have registered the highest level of activity, with a sales volume of $34 million, a 40% increase in the past week.
NFTs on the Solana network follow with $18.5 million in sales, a 12% increase over the same period.
This trend is also reflected in the increase in minimum prices for various NFTs collections.
The minimum price of CryptoPunks has risen to 28.15 ETH, a 29% increase in the past week, while Bored Ape Yacht Club, Pudgy Penguins, Azuki, and Mutant Ape have seen increases in their minimum prices of 29%, 9%, 13%, and 17%, respectively.
Trends and Changes in the NFTs Market
Despite the recent recovery in the NFTs market, it is important to remember that the market is still far from the peaks reached in 2021.
A CryptoPunk that sold for $23.2 million in 2022 was recently resold at an 80% discount for 1,500 ETH, around $3.9 million.
This change of ownership, which was confirmed by the new buyer, has been interpreted by some as an exceptional opportunity due to the low price.
At the same time, several companies have begun to reduce their presence in the NFT space.
Starbucks closed its NFT rewards program in March, while GameStop announced the closure of its NFT marketplace in January after scaling back its cryptocurrency-related services.
More recently, X, the platform under the ownership of Elon Musk, has discontinued a feature that allowed premium users to use NFT images as profile pictures.
These moves highlight a trend towards reevaluation and potential withdrawal by major players from the NFT market, in contrast to the recent surge in sales and prices.
