The demand for non-fungible tokens (NFTs) on the Bitcoin network experienced a resurgence last week as the market showed signs of stabilization.
Surge in Bitcoin NFT Sales
Recent data indicates that Bitcoin (BTC) NFT sales skyrocketed by 56% over the past week, surpassing $20 million. Additionally, the number of buyers on the network increased by 48%, reaching a total of 29,403.
NodeMonkes emerged as the leading NFT collection, generating sales of over $3.4 million through 302 transactions. Only one other collection achieved higher sales during this period.
Bitcoin Puppets recorded a sales volume of $3.03 million, marking a remarkable 239% increase from the previous week.
Following closely, Ordinal Maxi Biz achieved sales exceeding $1.89 million, while Taproot Witches generated $1.3 million in sales.
Activity in Ethereum and Solana
Ethereum (ETH) continued to dominate the NFT market, with sales totaling $28 million. Solana (SOL) also performed well, recording $13 million in sales, while BNB Chain contributed $3.7 million.
However, September proved to be challenging for the overall NFT market, with total sales declining by 48% to $318 million. Sales figures for Ethereum, Bitcoin, and Solana stood at $108 million, $63 million, and $61 million, respectively.
Bitcoin Market Recovery
This week’s increase in NFT sales corresponds with a recovery in cryptocurrency prices, as Bitcoin reached $66,000 for the first time since July. The total market capitalization of all cryptocurrencies rose to $2.3 trillion.
Notably, the crypto fear and greed index has climbed to a greed level of 60 for the first time in two months. Historically, periods of market greed lead investors towards riskier assets, including stocks and cryptocurrencies, often influenced by factors such as interest rate cuts, economic stimulus, and shifts in stablecoin holdings.
Data shows that stablecoin holdings among key investors have declined to their lowest level in two years.
This trend follows an initial surge in stablecoin investments during 2022 amid market turmoil, with reports indicating a shift of these funds back into other cryptocurrencies and NFTs.
Nonetheless, investors should be aware of the risks in the NFT sector, which has become increasingly saturated, with many new collections flooding the market. Recent findings reveal that a staggering 96% of over 5,000 existing NFT collections are inactive, showing no traded volume or social engagement for over a week.
