Are Pudgy Penguins Pushing Back?

The NFT market has turned up despite the crypto price weakness, with Bitcoin falling 3% to $94,000 and Ethereum falling sharply by 9% to $3,200.

Even though the broader crypto market cap has contracted to $3.3 trillion from last week's $3.5 trillion market cap, the NFT market has turned positive.

according to CryptoSlam data, NFT sales volume has increased by 10.70% to $155.4 million this week. The increase in total sales comes with a significant decrease in market participants, suggesting larger trades from fewer buyers.

The weekly criteria are as follows:

NFT sales volume rose to $155.4 million from $132.7 million last week
NFT buyers fell 81.79% to 122,806
NFT dealers fell 73.24% to 104,090
Transactions were up 0.16% to 1,483,044

Blockchain networks show mixed results

Ethereum (ETH) NFT sales grew 13.09% to $61.9 million, although customer numbers fell 65.62% to 24,836. Wash trade on the network increased 76.73% to $25.1 million.

Bitcoin (BTC) NFTs saw modest growth, with sales up 1.97% to $30.8 million. The number of network customers fell 87.15% to 8,665.

NFT sales top $155m, Pudgy Penguins push back with 82% surge - 1 — Source: Blockchains by NFT Sales Volume (CryptoSlam)

Solana (SOL) up with $20.1 million in sales, rising 9.96%. Mythos Chain held fourth place with $12.4 million, up 4.39%. Base entered the top five with $8.4 million, jumping 211.18% in sales.

Pudy Penguins bounce back

Pudgy Penguins enjoyed sales of $9.2 million, up 82.32%. The recovery brought more activity, with transactions up 50.70% and buyers increasing 67.39%.

BRC-20 NFTs took second place with $8.2 million, growing 40.78%. DMarket held steady in third place with $7.2 million, up 8.06%, and maintaining a high number with 282,071 transactions.