In a remarkable turn of events, the NFT market is showing signs of a resurgence, grabbing the attention of collectors and investors alike. The past week has seen a remarkable uptick in NFT trading activity, with a surge in the number of users participating. Despite a dip in overall NFT sales, the enthusiasm remains palpable. So, what’s behind this resurgence, and what can we expect in the coming weeks?

NFT Trading Activity on the Rise

Data compiled by CryptoSlam.io, a trusted on-chain data aggregator, reveals a substantial surge in NFT trading activity. Over the past seven days, the number of users buying NFTs has increased by a staggering 17.77%, reaching a total of 569,407 users. Simultaneously, the number of users selling NFTs has also seen a healthy uptick of 15.82%.

NFT Sales Dip, but Hope Persists

Despite the growing number of collectors engaging with digital collectibles, the overall NFT sales volume has experienced a slight dip of 4.57% in the past week. The total trading sales volume for NFTs amounted to $61 million during this period. While the dip might be concerning to some, the market’s resilience is evident.

Blockchain Sales and Top NFT Collections

Ethereum, the largest blockchain for NFTs, continues to be a powerhouse in the NFT world. Ethereum-based NFTs have been the most traded, accumulating a trading sales volume of $32 million in the past week, despite a 5.02% decrease in sales.

Mythos Chains NFTs come in as the second most traded collection, boasting a trading sales volume of $9.1 million, marking a 6.93% increase. Solana-based NFTs occupy the third spot with a trading sales volume of $5.5 million, despite an 8.14% drop in sales.

Polygon and Immutable X also contribute to the NFT landscape, amassing $5.2 million and $3.1 million in trading sales, respectively. Immutable X NFTs have surged by an impressive 38.8%, while Polygon-based NFTs show a more modest increase of 0.87%.

Top-Selling NFT Collections of the Week

1. DMarket NFT Collection: DMarket, hosted on Mythos Chains, has emerged as the most traded NFT collection this week. With a trading sales volume of $9.1 million and a 7.01% increase, DMarket is the frontrunner in NFT trading.
2. Bored Ape Yacht Club NFTs: This NFT collection from Yuga Labs comes in as the third most traded, accumulating a trading sales volume of $3.4 million in the past seven days. Although sales have dipped by 8.42%, the Bored Ape NFTs remain a hot commodity.
3. DraftKings Reign Makers NFTs: DraftKings Reign Makers on the Polygon network secure the second spot in NFT trading this week. With a trading sales volume of $3.1 million, they’ve experienced a 2.47% decline in sales.
4. Gods Unchained NFTs: Gods Unchained, the digital trading card game collection hosted on the Immutable X network, is the fourth most traded NFT collection, boasting a trading sales volume of $2.9 million. Notably, this collection has surged by 36% in sales this week.
5. Sorare NFTs: Sorare, the fantasy sport cryptocurrency-based video game, ranks fifth in NFT trading this week, with a trading sales volume of $2.3 million. Unfortunately, Sorare NFTs have seen a decrease of 20.71% in sales.
6. Cryptoadz NFTs: The NFT collection by digital artist Glemplin, featuring a limited edition of 6969 NFTs, has taken the sixth spot with a trading sales volume of $1.6 million. Astonishingly, this collection has spiked by 6191% in sales this week.
7. Winds of Yawanawa NFTs: The Yawanawa NFT collection, created in collaboration with new media artist Refik Anadol and the Yawanawá community, is the seventh most traded this week. It has raised a sales volume of $1.4 million in the past seven days.
8. CryptoPunks NFTs: Formerly under Larva Labs and now under Yuga Labs, CryptoPunks is the eighth most traded NFT collection this week, with a trading sales volume of $1.4 million. However, sales have dipped by 48% compared to the previous week.
9. Mutant Ape Yacht Club NFTs: The Mutant Ape NFT collection, featuring 20,000 NFTs hosted on the Ethereum network, takes the ninth spot with a sales volume of $1.1 million. Sales have decreased by 3.42% in the past week.
10. Koda NFTs: Koda, a metaverse game venture by Yuga Labs, claims the tenth position with a trading sales volume of $829,174. Impressively, Koda NFTs have surged by 31% in sales this week.

Expensive NFT Collections of the Week

The NFT world has witnessed some eye-popping sales, with Cryptoadz #4030 leading the way at a staggering $1.7 million. StarCraft Planets #1508 follows closely with a sale of $32,883, while EarthNode #233 and ArchiFinance #108 have made significant sales at $25,737 and $19,600, respectively.

The NFT Market: Is the Bear About to End?

Despite recent reports branding 95% of NFTs as “worthless,” the market’s resurgence suggests otherwise. NFTs have weathered their fair share of skepticism, much like Bitcoin, which has been pronounced “dead” on numerous occasions.

Interestingly, Bitcoin recently witnessed a 55% surge following a significant development. The United States Security and Exchange Commission (SEC) failed to appeal a court’s decision, opening the doors for Grayscale to convert its Bitcoin trust into an exchange-traded fund (ETF). This highly anticipated approval has the potential to positively impact not just Bitcoin but also the NFT market.

In conclusion, the NFT market is experiencing a remarkable resurgence, with trading activity on the rise and top collections commanding substantial sales. Despite challenges and skepticism, the NFT market remains resilient and full of potential. As we look to the future, it’s clear that the NFT world is far from done, and exciting developments may be just around the corner.