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NFT market makes 7-day Recovery as crypto market rebounds

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By Dewey Olson - - 5 Mins Read
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Featured | Rokas Tenys / Shutterstock.com

Amid the ongoing crypto market turmoil, NFT sales volume has shown signs of resurgence, with reports indicating growth since the start of the third quarter.

The market recently experienced some instability after Bitcoin dropped to $54k due to significant sell-offs by the US and German governments.

Additionally, the Japanese exchange Mt. Gox also contributed to BTC sell-offs, resulting in heightened liquidations within the market.

Despite a downturn in Q2 2024, the NFT market has shown resilience, with data from CryptoSlam indicating a more than 5% increase in the past 7 days.

The market has experienced overall growth, with a reported 20% increase in buyers, a 13% increase in NFT sellers, and a 48% surge in NFT transactions over the past week. 

Over $107 Million in NFT Sales Volume in Seven Days 

At this time last year, the NFT market collapsed, with the sector needing a resurgence in interest. However, it seems to be getting interest from investors after reporting a gigantic $107 million in NFT sales within one week.

The numbers become more incredible when buyers stand at 828,840, sellers at 368,251, and NFT transactions at over 2 million.

Furthermore, the Ethereum blockchain is also returning in the NFT market.

In the past, sales experienced a decline, with Bitcoin Ordinals dominating the market at one point.

However, recent reports from CryptoSlam indicate that Ethereum has taken the lead with over $37 million in sales, followed by Solana with about $22 million, Polygon with $18 million, Bitcoin with $15 million, and Mythos with around $3 million.

 

Table displaying the metrics of top 10 blockchains NFT sales volume

Top 10 blockchains by NFT sales volume | CryptoSlam

 

It's worth noting some of the NFT collections that have contributed to the resurgence in NFT sales in the past week.

Top-selling NFTs like YOU THE REAL MVP, CryptoPunks, Boogle, and Kurenai have played a significant role.

Additionally, Ethereum's Pudgy Penguins has been performing remarkably well in the market over the past few weeks.

Other noteworthy mentions include DMarket, Solana’s DogeZuki, MadLads, and Polygon’s Base Ape Polygon.

Also read: NFT Market Rebounds with Wild $16M Sale on Blue Chip NFT

The U.S. Department of Treasury  Fires Warning Shots on NFTs 

On May 29th, the U.S. Department of Treasury issued a warning regarding non-fungible tokens (NFTs), cautioning that cybercriminals could potentially use them for illicit activities such as terrorist financing and money laundering.

The department emphasized the associated risks of owning and using NFTs, citing the volatility of NFT collections as a factor that could enable theft and fraud.

There have been reports of individuals exploiting NFTs to deceive users.

In the report, Brian E. Nelson, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, said its purpose was to help educate the public on the risks.

Moreover, it was also a form of communication to law enforcement on the dangers of NFTs. 

This risk assessment demonstrates Treasury’s commitment to analyzing illicit finance risks of newer technologies and communicating them to industry and law enforcement,” he said.

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