Weekly NFT Sales Skyrocket - Polygon’s Incredible Rise and Ethereum’s Dominance in a $109 Million Week!

Published in

NFT Daily Dose

7 min readJul 15, 2024

The NFT market has experienced a dramatic surge in sales, reaching an impressive $109 million this week. Despite a significant drop in the number of NFT buyers and sellers, the volume of transactions has soared, highlighting a paradoxical boom in NFT trading activity. Ethereum and Polygon have emerged as the dominant players in this week’s NFT landscape, with Ethereum maintaining its top spot and Polygon making headlines with its remarkable rise.

This article will delve into the key trends shaping the NFT market, spotlight major blockchain players, analyze top-performing NFT collections, and provide insights on creating your own NFT collection in today’s dynamic market.

NFT Market Overview

Sales Volume and Transaction Surge

This week’s NFT sales volume has surged by 7.68%, reaching a notable $109 million. This growth in sales comes amid a sharp decline in the number of NFT buyers and sellers, which fell by 68% and 67.78%, respectively. Interestingly, the number of transactions has skyrocketed by nearly 21%, totaling 2,435,539 trades, according to data from CryptoSlam. This paradoxical situation indicates that while fewer individuals are participating in the NFT market, those who are involved are engaging in more trades, leading to increased overall sales.

Blockchain Performance

Ethereum (ETH)

Ethereum continues to hold its position as the leading blockchain for NFT sales. This week, Ethereum generated $32,711,790 in NFT sales. Despite the presence of wash trading on this network, Ethereum’s dominance remains unchallenged. The blockchain’s robust infrastructure and wide adoption make it a preferred choice for NFT creators and buyers alike.

Polygon (MATIC)

Polygon has made headlines this week with its impressive performance. Polygon’s NFT trading volume saw a staggering 90% increase, surpassing $24 million in sales. This surge allowed Polygon to overtake Bitcoin and Solana in terms of sales volume. However, the number of buyers on Polygon’s network decreased significantly by 78.98%. Despite this drop, Polygon’s growth in trading volume underscores its rising influence in the NFT space.

Solana (SOL)

Solana, another major player, recorded $22.7 million in NFT sales, marking a slight 2% drop from the previous week. Solana’s wash trading figures increased by over 32%, resulting in a marginal 0.37% improvement in total sales. Notably, Solana had the highest number of unique buyers among the top five blockchains, with 88,090, despite a 70% decline in activity.

Bitcoin (BTC)

Bitcoin’s NFT sales reached $15.1 million this week, reflecting a nearly 5% decrease from the previous week. This decline pushed Bitcoin down to the fourth position in terms of sales volume. Although Bitcoin’s presence in the NFT market is less pronounced compared to Ethereum and Polygon, it still plays a significant role in NFT trading.

Mythos (MYTH)

Mythos, although in fifth place, recorded $4.16 million in sales. This performance highlights Mythos’ growing presence in the NFT market, even as it lags behind the top performers.

Top NFT Collections

DMarket Collection

On the Mythos blockchain, the DMarket collection led the charts with $3,915,145 in sales across 166,053 transactions. Despite a 3.83% drop from the previous week, DMarket’s performance underscores the increasing appeal of the Mythos Chain for NFT trading.

DogeZuki Collection

The DogeZuki Collection on Solana made significant waves, earning $3,038,960 from 71,566 transactions. This collection’s popularity illustrates Solana’s capability to attract high-profile projects and maintain robust buyer engagement.

Base Ape Polygon

Base Ape Polygon recorded $2,809,791 in sales, reflecting its strong presence in the NFT market and contributing to Polygon’s overall sales performance.

Froganas

Another notable collection, Froganas on Solana, achieved $2,759,532 in sales, further demonstrating Solana’s appeal to NFT enthusiasts.

Send It

The biggest highlight of the week was the “Send It” collection on Solana, which saw an extraordinary 1752.43% increase in sales, reaching $2,723,251. This dramatic rise underscores the potential for rapid growth and success in the NFT market.

High-Profile NFT Sales

This week also featured several high-value NFT sales that captured the market’s attention:

TokenVestingPlans #582 (Ethereum): Sold for $360,611.

Bitcoin Punks’ Punk #3100: Sold for $115,430.

gUSDC Locked Deposit #205 (Arbitrum): Sold for $88,908.

DeezNode #045 (Solana): Sold for $75,548.

Fan Tokens Impact

Fan tokens have also made a significant impact on the NFT market:

Galatasaray (Chiliz): Sales soared by 70,149% to $280,537,908.

FC Barcelona: Achieved a sales volume of $50,162,146.

Paris Saint-Germain: Recorded $46,709,324 in sales.

How to Create an NFT Collection in This Market?

Creating an NFT collection in today’s vibrant market requires careful planning and execution. Here’s a step-by-step guide to help you navigate the process:

1. Conceptualize Your Collection

Start by defining the theme and purpose of your NFT collection. Whether it’s digital art, collectibles, or virtual real estate, having a clear concept will guide your creation process and attract potential buyers.

2. Design Your NFTs

Work with artists or designers to create high-quality and unique digital assets. The visual appeal and originality of your NFTs are crucial for standing out in a crowded market. Ensure your designs are engaging and align with your collection’s theme.

3. Choose the Right Blockchain

Select a blockchain that suits your needs. Ethereum is the most popular choice due to its established infrastructure, but other blockchains like Polygon and Solana offer lower fees and faster transactions. Consider factors such as transaction costs, speed, and network security when making your choice.

4. Mint Your NFTs

Minting involves creating and registering your NFTs on the blockchain. Use platforms like OpenSea, Rarible, or Mintable for this process. Follow their guidelines to upload your digital assets and set up your collection.

5. Set Up Smart Contracts

Smart contracts automate the sale and transfer of your NFTs. Ensure your smart contracts are well-written and tested to avoid issues. Platforms like Ethereum and Polygon offer robust tools for developing and deploying smart contracts.

6. Market Your Collection

Develop a marketing strategy to promote your NFT collection. Utilize social media, NFT communities, and influencers to build awareness and drive interest. Engage with potential buyers and create buzz around your launch.

7. Launch Your Collection

Once everything is set, launch your collection on your chosen platform. Monitor the launch closely and be prepared to engage with your audience. Provide timely updates and respond to inquiries to maintain interest.

8. Manage and Grow Your Collection

Post-launch, focus on maintaining and growing your collection. Regularly release new NFTs, engage with your community, and adapt to market trends to keep your collection relevant and appealing.

Conclusion

The NFT market has demonstrated remarkable resilience and growth, with a notable increase in sales volume despite a decline in market participants. Ethereum and Polygon have emerged as key players, driving significant sales and demonstrating their dominance in the NFT space. For those looking to enter this dynamic market, understanding current trends and leveraging the right tools can lead to success. Creating and managing an NFT collection requires a blend of creativity, strategic planning, and effective marketing. By following the outlined steps, you can position yourself for success in the rapidly evolving NFT landscape.

FAQs

What is an NFT?

A non-fungible token (NFT) is a unique digital asset that represents ownership or proof of authenticity of a specific item or piece of content on the blockchain.

How can I create an NFT collection?

To create an NFT collection, conceptualize your theme, design your assets, choose a blockchain, mint your NFTs, set up smart contracts, market your collection, and manage it post-launch.

Which blockchain is best for NFTs?

Ethereum is the most widely used blockchain for NFTs, but Polygon and Solana are also popular for their lower transaction fees and faster speeds.

How do I mint an NFT?

Minting involves creating and registering your NFT on a blockchain. Use platforms like OpenSea or Rarible to upload your digital assets and mint them.

What are smart contracts in the context of NFTs?

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automate the sale and transfer of NFTs.

How can I market my NFT collection?

Market your NFT collection through social media, NFT communities, influencer partnerships, and targeted marketing campaigns to build awareness and attract buyers.

What are some top-performing NFT collections right now?

Some top-performing NFT collections include DMarket on Mythos, DogeZuki on Solana, and Base Ape Polygon, among others.

What are fan tokens in the NFT space?

Fan tokens are digital assets that represent fan engagement and loyalty, often associated with sports teams and celebrities. They can offer various benefits, including exclusive content and voting rights.

How has Polygon’s performance in the NFT market been recently?

Polygon has seen a 90% increase in NFT trading volume, surpassing $24 million in sales, and has risen in prominence in the NFT market despite a decrease in buyers.

What should I consider when choosing a blockchain for my NFT collection?

Consider factors such as transaction fees, network speed, security, and the blockchain’s overall popularity when choosing the right platform for your NFT collection.