The analysis of market data for non-fungible tokens indicates a significant increase in global trading sales volume over the past few days. This sudden upsurge is believed to be influenced by various positive advancements in the cryptocurrency industry, such as renewed institutional enthusiasm and favorable decisions regarding interest rates.
Is the NFT Market Truly Experiencing a Bull Run?
In other regions, the rapid ascent of the non-fungible token market may also signal the long-awaited commencement of the anticipated NFT Bull Run, which was predicted to initiate around the middle of the year. However, it remains uncertain whether we are truly experiencing a Bull Run or if the NFT market is simply undergoing a correction following a recent dip in the preceding weeks.
Data gathered by CryptoSlam, a data aggregator that operates on the blockchain, has verified that the global volume of NFT trading sales has surged significantly this week, experiencing a 15% increase over the past seven days and reaching a total of $152 million.
During this period, the non-fungible token market has observed a substantial rise in the number of collectors entering the scene. NFT buyers have surged by over 50%, totaling 957,726 within the past seven days. Additionally, the number of NFTs transactions has also experienced a surge of 6.73%, nearing the 2.5 million mark.
Over the Past Seven Days, There Has Been a 15% Surge in NFT Sales
Despite facing significant market pressure from Bitcoin counterparts in recent weeks, non-fungible tokens (NFTs) hosted on the Ethereum network have maintained their dominance in the NFT market. Within the past seven days, Ethereum NFTs have accumulated a trading sales volume of $95 million, reflecting a 27% increase compared to the previous week.
Bitcoin ordinals, on the other hand, have trailed behind Ethereum NFTs, generating a trading sales volume of $20 million. Bitcoin NFTs made their entry into the NFT market earlier this year when a renowned Bitcoin developer named “Casey Rodarmor” created NFTs based on Satoshi Nakamoto’s ordinal theory.
Over the past week, Bitcoin NFTs have experienced a 3% decline in trading sales volume. The value of Bitcoin NFTs saw a slight decrease following the introduction of a new NFT protocol on Ethereum called “Ethscriptions” by “Tom Lehman,” co-creator of Genius, also known as Middlemarch on Twitter.
Solana-based NFTs have started to recover after a brief downtrend in the previous months. Solana paved the way for Bitcoin NFTs to become the second most actively traded NFTs. Within the last seven days, Solana NFTs have achieved a trading sales volume of $10 million, representing a 24% surge during this period.
Digital collectibles hosted on Polygon, an Ethereum scaling network, secured the fourth position in trading sales over the past week. These NFTs have generated a trading sales volume of $6 million, experiencing a 5% increase compared to the previous week. Immutable-based NFTs claimed the fifth position, accumulating a trading sales volume of $5.8 million in the past week.
Significant Developments in the NFT Market include:
Azuki is Set to Release Its Elementals NFTs
Towards the end of the previous week, Chiru Labs, the digital asset incubation company responsible for the well-known Azuki NFT collection, made an announcement regarding their upcoming NFT collection named “Elementals.” The release of this eagerly anticipated NFT collection is scheduled for Tuesday, June 27. In contrast to Azuki, the new NFT collection will have a limited supply of 20,000 NFTs featuring anime themes. As a gesture of support, Chiru Labs has already provided all Azuki NFT holders with complimentary soundbound tokens called “$SBT” to assist them in accessing the forthcoming NFT collection.
Wall St Memes Successfully Raised $9 Million
The Wall St Memes stands as a promising non-fungible token project that holds significant potential for generating substantial long-term returns. This NFT project boasts a robust foundation, bolstered by notable investors such as billionaire Elon Musk. In 2021, the Wall St Memes successfully launched the “Wall St Bulls” NFT collection on the Ethereum network, which achieved remarkable success by selling out within a record-breaking 32 minutes.
Recently, the Wall St Memes community introduced another NFT collection on the Bitcoin network, featuring a limited supply of 420 NFTs that were quickly sold out within a matter of days. Moreover, the same team has initiated a presale for their cryptocurrency, “$WSM,” which has garnered considerable attention within the crypto community. The $WSM presale is currently generating significant interest among early-stage investors and has already raised over $9 million in just a few weeks.