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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.

Forget Ethereum: Polygon NFTs Maintain A 7-day Lead in Trading Volume 

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  • In the last week, Polygon NFTs outperformed Ethereum with global NFT sales worth $22.3 million.
  • The Courtyard’s real-world asset tokenized trading cards contributed to the surge.
  • Polygon NFTs have also been the most preferred, with over 39,000 buyers choosing Polygon, which reflects an 81% increase from the previous week.

Digital collectibles, known as NFTs (non-fungible tokens), built on the Polygon blockchain, caught people’s attention the most over the past week by surpassing Ethereum, which used to be dominant in the space.

The main reason Polygon NFTs have become so popular these past 7 days is due to the existence of marketplaces such as Courtyard, where people can buy and trade NFTs of real-world collectible cards such as Pokémon or sports trading cards.

Over 39,000 Buyers Flocked to Polygon

Data from CryptoSlam on April 22 revealed that sales of Polygon-based NFTs hit $22.3 million over the week, which was over a quarter of all NFT sales globally, which was a total of $92.9 million. 

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Source: CryptoSlam

This means that more and more people are becoming interested in NFTs on Polygon. In fact, when looking at the previous week, over 39,000 people bought Polygon NFTs, which is 81% more than the week before.

The second was Ethereum with $19.2 million in sales; Mythos Chain took in $14.3 million, and NFTs tied to Bitcoin sold for $14.1 million in a week. What made Polygon exceptional this time is that almost all its sales were from one project, which was Courtyard.

Courtyard Boosts Popularity of Polygon NFTs

Real-world asset (RWA) tokenization is one of the growing trends in the Web3 space, and that includes Courtyard. In this space, physical items, trading cards, artwork, or even property are converted into digital tokens that can be bought, sold, or traded on a blockchain.

For Courtyard, the physical trading card is professionally graded and stored in a secure vault. When someone buys the NFT version of the card, they will be able to request that the physical card be shipped to them, and the digital token will be nullified from circulation.

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Source: CryptoSlam

Last week, the sales of the Courtyard NFTs alone came to $20.7 million, far ahead of many other successful collections out there. 

Buyers Return to NFT While Spending Power Fades

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  • NFT buyers jumped by 24% in the past week, even as total sales volume fell nearly 8% to around $99.9 million.
  • Ethereum NFTs saw a 21% sales drop, while Solana and Mythos posted modest gains, defying the overall trend.
  • Top collections like Courtyard and DMarket led sales, while others like CryptoPunks saw sharp declines in market performance.

Renewed interest in the NFT markets has emerged even as the overall purchasing power weakens. Recent data provided by CryptoSlam indicates that buyers in the non-fungible token sphere grew by more than 24% over the past week. Even with this increase in participation, the total volume of sales for non-fungible tokens declined by almost 8% as it settled at around $99.9 million.

This pattern of lowered sales and increased buyers shows that there is interest from newly interested participants or from previously active collectors, but with carefully controlled expenditures.

More Buyers Join NFT Space While Total Sales Volume Declines

NFT buyers and sellers increased over the last week, signifying growing interest in the market. In the last week, the number of buyers reached 560,845, marking an increase of 24.38%, and the number of sellers reached 327,295, marking a 15.66% increase. Yet these numbers come with a caveat: the overall number of transactions experienced a decline of 9.12%, to roughly 1.44 million, indicating that there is less spending per transaction.

Ethereum was also reported to have a 21% decline in sales with earnings slowly trickling to $25 million until other competitors catch up. Polygon follows with $16.9 million in volume, which is also a 6% decrease from the previous week. Bitcoin NFTs also suffered a 12% decline, landing at $16 million.

Buyers Return to NFTs While Spending Power Fades
Buyers Return to NFT While Spending Power Fades 5

Nonetheless, some chains went against the trend. While Solana Chain gained $1 million and Mythos Chain $2 million, Solana’s value reached $9.9 million while Mythos hit $13.8 million, resulting in a 16% and 1% gain, respectively. 

Top NFT Collections: Winners and Losers

Some collections stood out despite the general market pullback. Polygon’s Courtyard came in first with $15 million in sales, followed in order by DMarket at $8.6 million and bitcoin’s Taproot Wizards with $3.9 million. 

Not all were as lucky, however. Longstanding market favorites speedily dropped in rank, and CryptoPunks and Guild of Guardians Heroes fell 44% and 48%, respectively, demonstrating the volatility of blue-chip NFT collections. 

The sudden increase in buyer activity across several collections incentivizes hope, especially after the skeptic NFT drought in March. After all, those with buyer incentive had prior suspicion regarding the future of NFTs. The new challenge lies in having that suspicion transformed into a valuable, long-term commitment.

MATIC Rises With 100% Boost In Trading Volume As Polygon NFT Transactions Outshine Ethereum

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In January 2023, Polygon NFT transactions on OpenSea surpassed Ethereum NFT transactions for the second consecutive month, as per a report by NFT Gators on February 1st.

Despite a decrease in the average transaction fee, the NFT lending market saw record growth in monthly loan volume, the number of loans, and the number of participating lenders and borrowers.

The Rise of Polygon in the NFT Market

January saw the highest monthly count of Polygon NFT traders ever recorded, at 224,719. The Polygon PoS blockchain also experienced a daily average of 3,022,920 transactions during the month. On average, Polygon NFT traders traded 7 NFTs, surpassing the average number of trades made by Ethereum NFT traders. However, their spending was limited to just $69.

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Meanwhile, Ethereum NFTs on OpenSea recorded a trading volume of $444 million, attracting 319,641 traders who sold 1,132,681 NFTs. The average Ethereum NFT trader traded $1390 and 3.54 NFTs on average.

Additionally, in January, the NFT lending market saw a remarkable surge, with a total of 17.9K ETH, valued at around $28 million, borrowed through 4,399 loans. This resulted in record highs in the number of both borrowers and lenders, with 616 borrowers and 291 lenders, creating a ratio of 2.12 borrowers per lender.

However, the report also revealed that BendDAO emerged as the largest NFT lending protocol in January, with over $36 million borrowed, followed by NFTfi with $25 million, X2Y2 with $12 million, and Arcade with $7.8 million. 

The increase in loans resulted in a decrease in interest per loan, with lenders now paying $90 per loan. Wash trading among Ethereum NFTs in January was less than 0.6% of the total trade count.

The Rise of Polygon (MATIC) Price

The MATIC price has made a significant jump on its daily chart, rising nearly 12% after overcoming its immediate resistance at $1.20. Over the last week, the altcoin has seen impressive gains, soaring by nearly 22.31%.

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Source: Tradingview

CoinMarketcap’s data shows that MATIC is at a pivotal moment, with a potential for a significant boost in value if it can break through the next resistance level. 

The technical outlook remains favorable for the bulls, with MATIC currently trading at $1.22. The 24-hour trading volume has also seen a surge, jumping by 115%. 

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