Last week, there was a big rise in NFT sales on the Bitcoin network. Collections like NodeMonkes and Bitcoin Puppets were the main drivers of this.
CryptoSlam reports that sales of Bitcoin NFTs rose by 56% to over $20 million, and the number of buyers rose by 48% to 29,403. The most popular collection was NodeMonkes, which brought in more than $3.4 million from 302 sales.
For the week, only Immutable X’s Guild of Guardian Heroes had more sales. The sales of Bitcoin Puppets also grew very quickly, by 239%, to $3.03 million. Other famous collections were Ordinal Maxi Biz, which sold NFTs worth $1.89 million, and Taproot Witches, which sold NFTs worth $1.3 million.
NFT Market Faces Saturation
Even with this recovery, Ethereum was still the most popular network for NFTs, with $28 million in sales. Next came Solana with $13 million, and BNB Chain had deals worth $3.7 million.
September was a bad month for the non-fungible token market as a whole, with sales dropping by 48% to $318 million. It sold for $108 million on Ethereum, $63 million on Bitcoin, and $61 million on Solana.
There was a rebound in cryptocurrencies at the same time that weekly non-fungible token sales went up. The market value of all cryptocurrencies rose to $2.3 trillion, and Bitcoin hit $66,000 for the first time since July. Also, the crypto fear and greed index moved into the “greed” zone, which means that people are moving their funds toward riskier investments.
However, there are still thousands of sets on the NFT market, making it very full. A recent study shows that more than 5,000 non-fungible token collections are 96% inactive, meaning they haven’t had any trades or sales in more than a week. Many investors, including “smart money,” have cut back on stablecoin stocks and moved their funds to cryptocurrencies and non-fungible tokens (NFTs).
Although things are going well, there are still problems in the non-fungible token space because there are so many groups that aren’t being used.
