Lawrence Damilola
NFT sales volume across major blockchains experienced significant gains in the past 7 days. According to CryptoSlam’s data, Polygon led with a 123.20% increase in sales over the last seven days. Other blockchains, including Ethereum and Solana, also experienced growth, with Ethereum showing a 32.79% rise and Solana noting a 12.13% uptick.
Meanwhile, Bitcoin, which recently gained attention in the NFT space due to Ordinals, was the only major blockchain to experience a decline. CryptoSlam’s data shows that Bitcoin NFTs’ sales volume dropped by 7.01% during the same period.
In addition to the sales volume increase, NFT buyers surged in the past week, exceeding 500,000. This represents a 37.97% jump from the previous week, highlighting growing buyer engagement.
Concerning the recent spike in buyer activity, Eternal Night Designs, founder of NFT project Shibarium Pups, told The Shib Daily in an interview that “the NFT ecosystem is a big player here.”
They added: “In the last bull run, NFTs rose to an all-time high and gave birth to many scammers and some very bullish collections still around today. As the need for utility increases, whether in NFT or token, it is obvious that people want to brand and digitally identify with their NFTs, which is giving their tokens more value.”
Shibarium Pups is an NFT and altcoin on Shibarium dedicated to increasing chain exposure and giving back to the Shiba Inu community.
Meanwhile, the notable NFT platform OpenSea received a Wells Notice from the SEC alleging that the digital arts sold on its marketplace are securities, as The Shib Daily reported yesterday. Despite this news, the NFT marketplace has remained resilient, showing significant sales in the past 24 hours. NFT sales on the Ethereum blockchain increased by 23%, followed by Solana.
Although the recent gains are encouraging, the broader NFT market has been under pressure throughout 2024. The second quarter witnessed a 45% drop in overall sales, totaling $2.24 billion, the lowest quarterly figure since Q3 2023. July was also a challenging month, with NFT sales hitting their lowest point since November 2023, even though total transactions increased by 73% during that period.
According to Eternal Night Designs, “Market sentiment is bad right now. Everyone is waiting for the bull run to occur; meanwhile, there is political strife globally regarding crypto. This recent rebound is a market correction that will raise floors everywhere, but I dont see it solving the overarching issues any time soon. We need adoption. We need volume. We need crypto.”
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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
