Ethereum Remains the Most Active NFT Market

The network handled 128,436 transactions with 31,329 buyers and 25,882 sellers of NFTs, underlining its continuing market dominance in the category.

Data from CCXV shows that Ethereum remains the most active in the non-fungible token (NFT) market, with a weekly sales volume of over $21.7 million. The network handled 128,436 transactions with 31,329 buyers and 25,882 sellers of NFTs, thus highlighting its continuing market dominance in the category.

TOP BLOCKCHAINS BY WEEKLY #NFT SALES VOLUME #Ethereum #Polygon #Bitcoin #Mythos #BNBChain #Solana #Immutable #Flow #Base #Arbitrum #Panini #Algorand pic.twitter.com/MPSyZlSj1v— XVIV Collective (@XVIVCollective) August 18, 2023

The connected ecosystem of Ethereum is versatile and contains a range of marketplaces and collections, hence preserving its relation to the digital asset market.

Polygon recorded $20.3 million in NFT sales during the same period. The layer-2 scaling solution of Ethereum received 291,893 transactions from 29,387 buyers and 8,527 sellers. The costs of transacting in Polygon are relatively lower compared to others, while its adoption in the gaming and collectibles industry has remained key in the performance of Polygon’s NFT market. These collaborations across other Web3 platforms have led to additional steady users’ engagement on the network.

Bitcoin was third among the leading cryptocurrencies by weekly NFT sales at $17 million. Despite fewer trade volumes of 36,554, it recorded 14,761 buyers and 9,852 sellers in the network, who participated more. This increase in the NFT market helped Bitcoin through protocols such as Ordinals, one area where Bitcoin has excelled.

Mythos generated overall sales of $14.9 million from 566,862 transactions engaging 30,329 traders, and 27,602 merchants. Due to its focus on gaming assets, the platform is among the most popular blockchains in terms of trading volumes. In terms of trading, BNB Chain generated $11.1 million in volume from 15,065 transactions from 5,068 buyers and 5,750 sellers.

Solana, Immutable, and Flow ranked top among the performance of the Untied Planets. This week was also an active campaign for Solana, conducting 153,144 transactions involving 48,088 buyers and 37,223 sellers worth $6.5 million. Immutable’s NFT Minecraft sales amounted to $5.9 million with 9,923 transactions. Overall, transactions were made by 9,904 buyers and 7,047 sellers, totalling $1.1 million Sales across 82,171 transactions.

Other Blockchains that featured on the weekly sales were Base, which made 1.6 million, Arbitrum, which made 792,709, Panini, which made 609,7904, and Algorand, which made 311,620. Buyer and seller engagement also differed in each network, which showed that the activity in the NFT market is vast.

News data source: kdj.com

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