The Bitcoin (BTC) network recorded the most non-fungible token (NFT) sales last week as total transactions reached a staggering $423,004,860.
The sales represent an increase of more than 32% compared to the previous week and mark the third consecutive week of strong growth in the NFT market.
According to data compiled by Cryptoslam.io, Bitcoin emerged as the dominant force in NFT transactions, leading the way with sales of $160.37 million, a remarkable increase of 80.45%.
Ethereum (ETH) was close behind with $159.64 million in transactions, marking a respectable 14.41% increase in ETH-based NFT sales.
Other notable blockchains including Solana (SOL), BNB Chain (BNB), and Mythos Chain (MYTH) also saw significant growth in NFT sales during this period.
Data from Cryptoslam shows that Solana generated weekly sales of about $65.129 million, with BNB Chain and Mythos ending the seven days with sales of $9.019 million and $7.7 million, respectively.
Of the chains, Bitcoin also saw the highest increase in wash trading, with the $465,000 raised through the practice representing a nearly 2600% increase from the previous week.
Blockchains by NFT sales volume | Source: Cryptoslam
The week's top-selling NFT collections were led by Bitcoin's Uncategorized Ordinals, generating an impressive $41,210,717 in sales, a significant 157.74% increase over the previous week.
Following close behind was the NodeMonkes collection, which generated transactions worth $35,128,917. These leading collections were followed by Pandora, Creepz and $NATCATS, completing the top five NFT collections by sales volume.
Ranking NFT collections by sales volume | Source: Cryptoslam
The surge in NFT sales also led to some notable individual transactions across different blockchains. On the Bitcoin blockchain, the NFT “Burgie” fetched a staggering $1.44 million, while a Solana-based NFT titled “Composable Restating Position” changed hands for $1.1 million.
The Ethereum NFT “Lif3 v3 Position” cost $597,800, and the BNB Chain NFT “Lockdeal” was purchased for $416,504. Additionally, a Polygon NFT “Dfyn” sold for $100,000, reflecting the diversity and value of NFTs across various platforms.
The last week has also seen an increase in the number of NFT buyers, with data from Cryptoslam showing a 40.5% increase, while the total number of NFT transactions fell by 2.47% over the period.
However, given this surge in NFT sales, the popular marketplace Opensea suffered a significant decline in February.
OpenSea sells monthly NFTs | Source: Dune Analytics
Data from analytics platform Dune shows that sales on OpenSea fell significantly, accounting for just 33% of total NFT sales in February, the lowest since May last year. The number of active users on the platform also fell: in February, only 103,000 users made at least one sale.
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