Bitcoin (BTC) NFT Sales Volume Bounces Back as the Industry Stabilizes
- Barbara StreisandOriginal
- 2024-09-30 01:04:10331browse
Bitcoin NFT sales rose by 56% in the last seven days to over $20 million. The number of buyers in the network rose by 48% to 29,403.
Sales of Bitcoin (BTC) non-fungible tokens (NFTs) soared last week as the crypto industry showed signs of stabilizing.
NFT sales on Bitcoin rose by 56% in the last seven days to reach over $20 million, while the number of buyers in the network increased by 48% to 29,403, data from CryptoSlam showed.
A relative newcomer, NodeMonkes, was the top-performing NFT in the Bitcoin ecosystem with over $3.4 million in sales and 302 transactions. Only Immutable X’s Guild of Guardian Heroes collection had more sales during the week.
Bitcoin Puppets had a sales volume of $3.03 million, up 239% from the previous week.
Ordinal Maxi Biz followed with sales of over $1.89 million, while Taproot Witches sold $1.3 million.
Ethereum (ETH) remained the most active network for NFTs with sales of $28 million, followed by Solana (SOL) at $13 million and BNB Chain at $3.7 million.
Overall, NFT sales in September fell by 48% to $318 million, with Ethereum, Bitcoin, and Solana handling sales of $108 million, $63 million, and $61 million, respectively.
Bitcoin’s relative strength
The weekly NFT sales rose as the prices of most cryptocurrencies rebounded. Bitcoin reached $66,000 for the first time since July, while the total market capitalization of all coins climbed to $2.3 trillion.
Crucially, the closely followed crypto fear and greed index moved into the greed zone at 60 for the first time in two months.
Traders tend to shift into riskier assets, such as stocks and cryptocurrencies, when there is greed in the market — in this case, due to the Federal Reserve cutting interest rates, China’s stimulus, and a sustained decline in stablecoin holdings among smart money investors.
As shown below, the volume of stablecoin holdings among these investors has dropped to the lowest level in two years.
The Nansen chart also shows that these holdings — which surged in 2022 during the collapse of the FTX and Terra ecosystems — have been trending lower ever since.
Smart money investors are likely to have reduced their stablecoin holdings and shifted into cryptocurrencies and NFTs.
The main risk for investors in NFTs is that the industry has become saturated, with thousands of new collections. A recent report showed that 96% of over 5,000 existing NFT collections are “dead.”
They have zero trading volume, no sales for over seven days, and no activity on social media.
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