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Ethereum’s NFT surge defies gravity in a dipping crypto market

TL;DR

  • According to CryptoSlam data, Ethereum maintained its lead in non-fungible token (NFT) sales for the third day in a row to the end of the week.
  • BNB Chain had one of the best days on Friday, with sales up 12% to US$1.22 million. The “lucky start” collection accounted for $668,236 of those sales.
  • Despite a 19% drop, Yuga Labs’ Ethereum-based non-fungible token collection, Bored Ape Yacht Club (BAYC), led the NFT industry in sales on Friday.

Despite a recent market dip, Ethereum continues to dominate the non-fungible token (NFT) sector in terms of sales. Even amidst fluctuations, Ethereum retains its top position, with a significant portion of NFT transactions occurring on its platform.

While there has been a dip in sales volume, Ethereum’s prominence underscores its resilience and importance in the NFT market. This trend showcases Ethereum’s enduring popularity and role as a leading blockchain platform for NFT transactions despite short-term market fluctuations.

Ethereum marriage to NFTs is working

According to data from CryptoSlam, Ethereum maintained its position as the dominant blockchain in non-fungible token (NFT) sales as the week came to a close for the third consecutive day.

On Friday, Ethereum sales decreased by 63%, from $32.81 million on Thursday, which was bolstered by the sale of a single CryptoPunk NFT for $16.38 million.

In the same time period, Bitcoin and Solana secured the second and third positions, respectively, in terms of sales volume, with figures of US$7.99 million and US$6.10 million, after Ethereum.

Bitcoin encountered a decline of 23% in quarterly sales volume. This week marks the first time Bitcoin NFTs have fallen below $10 million. As of today, Bitcoin (BTC) is valued at $63,791.63, reflecting a decrease of 3.1% since yesterday and a 0.1% increase from an hour ago. Seven days ago, BTC was worth 7.6% more than it is worth today.

As of this moment, the value of Ethereum (ETH) is $3,310.28, reflecting a decrease of 0.6% from one hour ago and a decline of 5.8% since yesterday. The present value of ETH is 11.4% less than it was seven days ago.

Sales of Solana decreased by 7.62%. As of today, Solana (SOL) is valued at $172.85, representing a decrease of 0.8% from one hour ago and 3.2% since yesterday. SOL is currently 8.1% less valuable than it was seven days ago.

The aforementioned data illustrates a market that, despite a general decline, is still subject to activity fluctuations across various blockchains.

Friday was one of the strongest for BNB Chain, which increased sales by 12% to $1.22 million. The “Lucky Start” collection contributed to the sales amounting to $668,236.

BAYC leads NFT sales as CryptoPunks cool down

Despite a 19% decline, Bored Ape Yacht Club (BAYC), an Ethereum-based non-fungible token collection developed by Yuga Labs, remained at the top of the NFT industry’s sales rankings on Friday.

BAYC generated $1.45 million in revenue in the twenty-four hours leading up to 2:00 p.m. ET, according to data from CryptoSlam.

With a closing price of US$1.3 million, NodeMonkes, a Bitcoin-based collection, achieved the second-highest sales total of the day.

The Froganas collection by Solana experienced the most substantial growth of the day, as evidenced by its transactions and 57.70% increase in sales to $1.19 million, placing it in the top ten for the first time this week.

CryptoPunks, an additional, prominent entity within the Ethereum ecosystem, experienced a substantial decline of 95.75% in revenue to US$720,652.58 despite an unaltered volume of transactions.

Following a day at the top of the leaderboard, CryptoPunks descended to eighth place on Wednesday, when one of its NFTs, CryptoPunk #7804, sold for US$16.38 million.

From a more comprehensive standpoint, Axie Infinity by Ronin remains the preeminent game in terms of lifetime sales, having amassed an impressive $4.26 billion. BAYC and CryptoPunks follow suit, each with $3.10 billion and $2.78 billion, respectively.

Conversely, the performance of Ethereum’s Pudgy Penguins was markedly diminished, as evidenced by a 65.19% reduction in sales to US$877,237 and a 66.67% decline in transactions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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