NFT Market Heats Up Again as Crypto Rally Boosts Sales

The Non-Fungible Token (NFT) market is showing signs of a strong comeback . After a period of slowed momentum, digital collectibles have rebounded with a 10.44% increase in total sales volume, reaching $136.5 million. This marks the second straight week of growth for the sector, signaling renewed interest among traders and collectors. Strong Crypto Prices Support NFT Growth The rise in NFT sales is coinciding 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. Although the sales volume has increased, the number of NFT transactions has dropped by nearly 20%. However, the number of buyers stayed the same, and the number of sellers increased by 8.09%. This means that fewer trades are occurring, but the trades that do take place are larger in value. Immutable Leads as Polygon Gains Ground Among all blockchains, Immutable remains the leader in NFT sales. It generated $43.9 million this week, representing a 30% increase from the previous week. Its growth continues to be helped by popular gaming collections. The platform also has very low wash trading, meaning most of the activity is real and organic. Polygon, now known as POL (formerly MATIC), moved into second place with $25 million in sales. That is a 51.53% increase from last week. However, Polygon’s wash trading rose sharply, reaching over $564,000. Ethereum blockchain dropped to third place with $22.5 million in NFT sales, a 8.63% decrease. Wash trading on Ethereum also increased slightly. Still, the Ethereum network remains one of the most used blockchains in the NFT space. Other blockchains, such as Mythos, BNB Chain, and Bitcoin, also remained active. Mythos experienced a slight increase in sales, while BNB saw a corresponding drop. The Bitcoin network reached $8.7 million in sales, representing over 12% growth. In terms of buyers, Polygon saw the highest increase, followed by Bitcoin and Mythos. Gaming NFTs are also gaining ground, with top collections like Guild of Guardians Heroes and The Courtyard seeing strong sales growth. CryptoPunks Reclaim the Spotlight CryptoPunks, one of the oldest and most well-known NFT collections , is rising again. It climbed to ninth place with $2 million in sales, and the collection has seen improvements in both activity and user interest. Some CryptoPunks were sold for very high prices. One Punk sold for 150 ETH, equivalent to approximately $389,000. Others sold for between $150,000 and $200,000. This shows that collectors are still willing to pay large amounts for rare NFTs. The post NFT Market Heats Up Again as Crypto Rally Boosts Sales appeared first on TheCoinrise.com .

Source: The Coin Rise