The NFT market has seen a significant resurgence, with total sales volume increasing by 15.27% in the past week, reaching $121.5 million compared to $107.1 million the previous week. This surge has been driven largely by the CryptoPunks collection, which saw a staggering 519.26% increase in sales, totaling $7.1 million.
Despite the impressive growth in sales, market participation has declined significantly. The number of NFT buyers dropped by 94.39% to 25,641, while sellers fell by 91.84% to 25,717. However, transaction activity remained strong, with the total number of NFT transactions rising by 5.21% to 1,615,020, suggesting that larger trades are being executed by a smaller number of participants.
Ethereum-based NFTs played a major role in the market rally, with sales jumping 50.76% to $37.6 million. However, the number of buyers on the Ethereum network dropped by 69.09% to 15,471. Meanwhile, Bitcoin-related NFT sales experienced a decline, falling 17.21% to $21.0 million. Solana, emerging as a strong competitor, climbed to third place among blockchain networks, with NFT sales increasing 51.24% to $18.0 million.
Among NFT collections, Courtyard remained the market leader with $11.7 million in sales, despite a 6.18% decline. However, a significant mover was Paradise, a Solana-based collection that surged 292.14% to $9.8 million, making it the third-highest-selling collection.
The CryptoPunks revival also saw some high-value transactions. The most expensive NFT sale of the week was CryptoPunks #4464, which sold for a whopping $2,196,232 (1,011 ETH). Other notable sales included Uncategorized Ordinals #7d0 at $1,321,676 (14 BTC) and CryptoPunks #8868 for $646,201 (288.88 ETH).
This market resurgence indicates a strong comeback for NFTs, with high-profile collections like CryptoPunks regaining traction and major blockchains witnessing renewed trading activity. Whether this momentum continues in the coming weeks remains to be seen.
