Increase of 1.46% in NFT Sales Last Week, Buyers up by 22.48%

The last seven days have been really good for Non-Fungible Tokens (NFTs) as sales hiked by 1.46%, worth $149M. Buyers increased by 22.48%, but the transactions dropped by 8.78% compared to the previous week. This is a positive indication of the growth of the NFT arena.

NFTs Picking Up Steam

The Ethereum-based NFT sales accounted for $108.2 Million, 72.5% of all digital collectibles sold last week. Statistics reveal that the Ethereum NFT sales registered a hike of 22.79% this week. The sales on the Solana-based NFTs were found to be worth $12.22 Million, with a drop of 56.64% compared to the previous week.

Ethereum & Solana NFTs sales led the market; Mythos, Polygon, and Immutable X followed this pack. Moreover, Ronin was up by 20%, and Arbitrum gained 14%, but the digital collectible sales at Panini blockchain dropped by 31.23% this week.

Azuki collection managed to perform better than the rest making it the top performer of the week. Total sales were worth $11.18 Million. Also, this marked a whopping 504.96% jump compared to the previous week’s sales. The Bored Ape Yacht Club (BAYC) collection followed this top performer closely. They managed to grasp $10.615 Million in sales, surging by 13.32% compared to last week.

Mythos chain’s Dmarket collection could not surpass last week despite recording $6.702 Million in sales; it dropped by 11.5%. Milady Maker collection registered sales worth $4.558 Million gaining 367.58% compared to the previous week.

The most expensive NFT sold this week was Bored Ape Yacht Club (BAYC) #811, which sold at $625,825 five days ago—followed by SandSandbox Lands #139,686, selling for $580,383. The third position is shared by BAYC #6774 and Otherdeed Expanded #5227, both sold at $501,845. While Superrare #370,449 sold for $370,449.

Are NFTs and Crypto Co-Related

NFTs are relatively new, so detailed research on their correlation must be included. Some believe their prices are inversely proportional to each other, meaning when one goes down, the other will thrive. Some think otherwise. Dublin City University professor Michael Dowling looked into the subject and released a paper titled “Do Cryptocurrencies drive Non-Fungible Tiken Pricing?” The paper tries to decode the crossover between participants in the cryptocurrency markets and NFT markets.

For now, users need to make cryptocurrency payments to buy NFTs, and this method is feasible for crypto users but not so much for non-crypto users. Crypto exchanges like Coinbase plan to make participation in NFTs easier by allowing fiat via credit cards. Moreover, companies like eBay, Instagram, and Reddit could soon integrate NFTs and include fiat options.

But until fiat options for buying NFTs are eased out and made viable, the relationship between crypto and NFTs will remain apposite. Moreover, NFTs will always require blockchain infrastructure like Ethereum and Solana for proper functioning.

However, there is no direct relation between the prices of NFTs and cryptocurrency, but it cannot be denied that both help in the mass adoption of crypto and blockchain technology.