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NFT Sales Climb to $130.7M, New Collection Dominates with 470% Rise

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  • NFT market sees renewed interest with a 135% increase in buyers and a new collection, XSY Deposit, experiencing a massive 470% surge in sales.
  • Ethereum remains the dominant blockchain for NFT sales at $41.3M, while Bitcoin rises to second place with a 53.53% growth in sales.
  • Despite a 31.02% sales drop, Courtyard on Polygon holds its #1 collection ranking, while BRC-20 NFTs and Cryptopunks show significant growth.

The latest CryptoSlam data shows that there has been a strong renewed interest in the NFT market. Buyers of digital collectibles increased by nearly 135% to 261,548 while sellers rose by about 94.22% to 140,985.

In addition, there was a 1.35% gain in NFT transactions to about 1.52 million.

Ethereum Dominates NFT Market with $41.3M in Sales

With a 21.47% increase in sales to $41.3 million from the previous week, Ethereum maintains its position as the leading blockchain for NFTs. The CryptoSlam data shows a 14.85% decrease in this blockchain’s wash trading to $4.5 million.

Bitcoin rose to the second place after sales grew by 53.53% to $22.6 million. Polygon occupies the third position with $14.5 million in sales, indicating a 22.85% drop in sales compared to the previous week.

Meanwhile, there was a notable increase in Polygon’s wash trading. It increased by 60,536% to almost $1.6 million.

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NFT sales volume by blockchains. Source: CryptoSlam

Mythos Chain and Solana occupy the fourth and fifth positions, with $13.3 million and $8.9 million in sales, respectively. While the former recorded a 19.62% drop in sales, the latter had a 17.31% increase in sales.

All the blockchains had an increase in the number of buyers. The three blockchains with the largest percentage rise in the buyer count were Bitcoin (275.4%), Immutable (266.46%) and Solana (237.33%).

Courtyard Stays #1 as BRC-20 NFTs, Cryptopunks and XSY Deposit Make Big Moves

From the collection table, Courtyard (on the Polygon blockchain) has maintained its number one position even after recording a 31.02% drop in sales. There was also a drop in all the metrics of this collection.

Number of transactions dropped by 31.82%, with buyers and sellers decreasing by 13.54% and 35.26%. Dmarket on Mythos also retained its second position with $8.2 million in sales even though it represents a 23.75% drop from the previous week.

After a 114.58% increase, BRC-20 NFTs on the Bitcoin blockchain rose to the third position with $7.1 million in sales. Cryptopunks is in fourth position after its sales grew by 97.09% to $7 million.

Like Courtyard, CryptoPunks also recorded significant positive changes in transactions, sellers and buyers. Transactions rose by 52.94% while sellers and buyers climbed by 62.5% and 45.83%.

XSY Deposit on the Avalanche blockchain was the new entrant in the top five. Its sales grew by 469.59% to $6.8 million.

Destroyed Ethereum CryptoPunks ‘Resurrected’ In BTC; Details

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Holders of the Bitcoin Bandits hailed the first-ever migration of Ethereum CryptoPunks to BTC ordinals via burn.

A CryptoPunk #8611 was purchased for 54.4 ETH, or roughly $95k, according to Etherscan data. It was then sent to the burning address Null: 0x00…dEaD and reborn as Bitcoin Inscription 12,456,749.

Prior to that, Nathan Stein, a developer for Wolf Capital, tweeted that Bitcoin Bandits, a team well-known for its efforts in the blockchain and cryptocurrency field, is raising money to burn a CryptoPunk.

“The idea is to burn a Punk on ETH, inscribe it on BTC, and send it to Satoshi’s wallet.” As per the spokesperson from Bitcoin Bandits, roughly 150 people participated in the event.

While Ethereum continues to lead the NFT platform in terms of trading volume and total value, Bitcoin has improved as a result of the excitement that the rise of the Ordinals protocol has generated.

And for Ethereum NFT holders who’d rather be on Bitcoin, this migration solution is however a one-way trip where the original NFT is destroyed in the process.

Late in May, Bitcoin Miladys, an ethereum Miladys NFT collection derivative built on Bitcoin, unveiled a bridge in association with Ordinals Market and the Xverse Bitcoin wallet.

The BRC-721E token standard, as it’s called, facilitated the bridge to migrate artwork and data over to Bitcoin via Ordinals.

The bridge in question allows Ethereum NFTs holders defined by the ERC-721 token standard to move the asset to the Bitcoin blockchain via a burn-and-mint process.

The original Ethereum NFT is sent to an inaccessible “burn” address, which means it is wiped out on the chain, but then the asset is recreated on Bitcoin via the Ordinals protocol.

Ethereum NFT Migration Landed One BAYC Owner In Trouble

Even if it’s a one-way process, it might still be appealing to Bitcoin enthusiasts or even NFT owners who think their migrated NFT would gain value due to the buzz surrounding Ordinals. However, there might be potential repercussions associated with switching blockchains.

One such instance is the case of the owner of a Bored Ape Yacht Club, who burned his original Ethereum NFT and created a new one using Ordinals on Bitcoin, back in February.

Following the move, BAYC’s co-creator stated that the license to the numerous advantages and perks associated with Bored Ape NFT ownership had been “effectively given up” by the holder.

Christie’s NFT Expert Joins Yuga Labs to Head CryptoPunks

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On Sunday, Christie’s leader of non-fungible tokens (NFTs) revealed that he would be joining Yuga Labs as brand leader for its newly acquired CryptoPunks collection.

Davis was in charge of bringing Beeple’s ‘The First 5,000 Days’ to sale at Christie’s. The $69 million price tag generated news at the time of the sale in March 2021, putting Beeple “among the top three most valued living painters.”

“I really can’t overstate how incredible this journey out of the old Art World and into Web3 has been and I can’t wait to see where the road ahead leads… I only know it will continue to be wild and weird. And I like it that way.”

Charlie’s NFT head will lead Crypto Punks

The Bored Ape Yacht Club was Yuga Labs’ main asset until recently (BAYC). However, in March of this year, the corporation purchased CryptoPunks’ intellectual property rights, a move that many assumed would imply that commercial rights would be handed over to NFT holders.

This sparked curiosity about the adjustments Yuga might make to the way NFTs may be used. Yuga promised at the time that it would not try to replicate the club concept it had built for BAYC but focus on adding value to Punk holders in various ways.

On Sunday, BAYC co-founder Garga said on Twitter that new terms for Punks would be released in the coming weeks.

The news of the recruitment comes as the CryptoPunk collection’s floor price and trading volume have skyrocketed. CryptoPunks sales volume reached $8 million in the previous 24 hours, up more than 230 percent from yesterday, according to statistics source Cryptoslam.

According to Coingecko statistics, the collection’s floor price began to rise even before the news was made on Twitter.