NFT Sales Surge 31% This Week as Bitcoin NFTs Secure Second Place in Blockchain Sales – Market Updates Bitcoin News

Non-fungible token (NFT) sales witnessed a minor rise last week, registering a humble increase of around 1.46% compared to the preceding week. The cumulative value of NFT sales amounted to $149.31 million from April 29 to May 6, 2023. Nevertheless, the most recent week exceeded anticipations, as sales skyrocketed by 31.22%. Throughout the seven-day interval, NFT sales attained $208.17 million. The substantial rise in this week’s NFT sales can be credited to the appearance of NFTs originating from the Bitcoin blockchain.

Bitcoin-Based NFT Sales Gain Significant Momentum

Bitcoin NFT sales have emerged as a key contributor in the digital collectible sales landscape, among 21 distinct blockchains as per cryptoslam.io data documented on May 14, 2023. Ethereum NFT sales continued to reign supreme with $111.26 million in NFT sales; however, the runner-up position was held by Bitcoin-based NFTs, also known as Ordinal inscriptions.

Data demonstrates that Bitcoin NFT sales secured $53,433,451 and clinched the second-place position regarding blockchain sales out of the 21 chains. Bitcoin’s NFT sales leaped by 187.54% compared to the prior week.

Mythos blockchain’s NFTs also experienced a sizable boost as NFT sales climbed by 69.66% to claim $11.73 million this previous week. The ascent propelled Mythos into the third-largest rank considering top blockchains by NFT sales volume.

Solana, which formerly occupied the second-largest spot, now stands at fourth in terms of NFT sales per blockchain. In the last seven days, Solana recorded $8,789,106 – a reduction of 21.16% compared to the previous week. The fifth blockchain with the greatest sales volume for this past week was Polygon’s $7.79 million, decreasing by 7.07%.

Regarding NFT collections, cryptoslam.io data discloses that “Uncategorized Ordinals,” essentially random Ordinals not part of any collection, achieved the top collection status in sales this week. Uncategorized Ordinals managed to register $15.62 million in NFT sales.

Ethereum’s Bored Ape Yacht Club (BAYC) claimed the second spot this week with $13.80 million in overall sales within the past seven days. The Mythos chain’s Dmarket collection secured third place, and the majority of Mythos’ NFT sales stemmed from the Dmarket collection’s transactions.

In fourth place, ORDI BRC-20 NFTs documented $11,044,110 in weekly sales, while Ethereum’s Milady Maker NFT collection amassed $10,376,102 in sales during the identical timeframe and ranked fifth this week. A notable climber this week concerning NFT sales was Bitcoin-based Space Pepes with $4,607,834 accrued over the past seven days – a spike of 2,142.35% compared to the previous week.

Moreover, a single NFT from the series was sold for $4.5 million, making it the most expensive sale of the week. Interestingly, the remaining top five most valuable NFT sales in the past week all belonged to the Uncategorized Ordinals category.

What are your thoughts on the recent surge in NFT sales and the impact of Bitcoin-based NFTs? Share your opinions and insights in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, cryptoslam.io