The global non-fungible token market is showing initial signs of recovery following a significant crash that saw NFT trading volumes and active traders decline by over 70% from their peak. The market experienced a downturn last year, influenced by factors including Donald Trump’s trade wars with China and Canada. In a recent week, the global NFT market has demonstrated a slight rebound, with trading volume increasing by 2% to $61 million.
NFT Weekly Trading Sales Rise By 2%
Data compiled by CryptoSlam.io, an on-chain crypto market data aggregator and a multi-chain non-fungible token collection explorer tracking collections across more than 20 blockchain networks, indicates that the global non-fungible token market has seen a slight increase in sales volume this week. From January 12 to January 18, the NFT market recorded trading volume of $61 million, up 1.98% from the previous week.
Both the crypto and NFT markets experienced a brutal market downturn last year. Key factors that contributed to the NFT decline included escalating U.S.-China trade tensions, macroeconomic pressures, fundamental issues with utility and security, a large futures market liquidation event, and a corresponding shift in market sentiment towards fear. These key factors pushed the NFT market to plummet more than 70% from its initial peak.
Even though the NFT market has not fully recovered from its recent crash, the number of crypto investors buying non-fungible token collections has significantly increased this week. From January 12 to January 18, the global non-fungible token market saw more than 140,000 traders buying digital collectibles. NFT traders are taking advantage of this dip in the NFT market, hoping to make a profit in the future.
Ethereum Dominates NFT Trading
Ethereum, the blockchain network renowned in the NFT market as the dominant NFT chain, was the most traded network this week. From January 12 to January 18, Ethereum-based NFTs recorded a trading volume of $29 million. During this period, Ethereum NFT trading volume increased by 12% from the previous week.
Bitcoin and BNB Chain Follow
Bitcoin, a peer-to-peer blockchain network known for supporting Ordinals, Runes, and BRC-20 non-fungible token collections, was the second most-traded blockchain network in the global NFT market this week. From January 12 to January 18, the Bitcoin-based NFT collections recorded trading volume of $9.5 million. During this period, the Bitcoin NFT trading sales volume has decreased by 7.39% from the past week.
BNB Chain, a decentralized blockchain ecosystem created by the Binance team that offers a fast, low-cost platform for Web3 applications, ranked third in the NFT market this week. From January 12 to January 18, the BNB Chain NFT series recorded trading volume of $7.6 million, a 3.1% increase from the previous week.
Immutable X and Panini Round Out Top Five
Immutable X, an Ethereum layer-2 scaling solution network that enables gas-free, instant non-fungible token transactions and powers Web3 gaming by leveraging StarkWare’s zero-knowledge rollup technology, was the fourth most traded blockchain network in the NFT market this week. From January 12 to January 18, the Immutable-based NFT collection recorded trading volume of $4.1 million. During this time, Immutable NFT trading volume rose by 10% from the previous week.
Panini, a proprietary blockchain network developed by “Panini America” for buying, selling, and trading officially licensed digital trading cards, was the fifth most traded blockchain in the NFT market. Panini blockchain uses Hyperledger Sawtooth, a private, secure blockchain designed to ensure the authenticity and ownership of digital assets. In the past seven days, the Panini NFT collection has recorded trading volume of $2.6 million, up 4.32% from the previous week.
Top Selling NFTs This Week
1. Yes Bond NFT Collection
Yes, Bond, a high-ranking non-fungible token collection created on BNB Chain, a decentralized blockchain network created by Binance offering a fast, low-cost platform for web3 applications, was the most sold NFT collection in the NFT market. In the past seven days, the Yes Bond has recorded a trading sales volume of $3.1 million. During this time, the Yes Bond NFT trading sale volume rose by 13% from the past week.
2. CryptoPunks NFT Collection
CryptoPunks, a globally acknowledged non-fungible token collection featuring a limited edition of 10,000 pixilated digital items previously created by the digital asset incubation studio Larva Labs but now managed by Infinite Node Foundation, was the second most-selling NFT series in the NFT market this week. In the past seven days, the CryptoPunks NFT series recorded trading volume of $2.7 million, down 12% from the previous week.
3. Panini America NFT Collection
Panini America, a non-fungible token collection on the Panini private blockchain network that lets collectors own, trade, and sell officially licensed digital trading cards in a manner similar to physical cards, with each asset featuring a unique identifier to ensure authenticity, was the third-most-selling NFT collection this week. In the past seven days, the Panini NFT series has generated $2.4 million in trading volume.
4. Ape.bond NFT Collection
Ape.bond was the fourth-most-selling NFT collection this week, with trading volume of $2.2 million. Ape.bond is a DeFi NFT representing discounted tokens that vest over time, allowing users to acquire project tokens like ABOND at a reduced rate by exchanging other assets like LP tokens, functioning as an on-chain OTC marketplace for projects to raise funds and users to earn yield.
5. GoG Heroes NFT Collection
Guild of Guardians Heroes (GoG), a non-fungible token collection from Guild of Guardians, an on-chain multiplayer, action, and mobile fantasy role-playing game that allows players to role-play as heroes and move through dungeons to gather redeemable resources, was the fifth most-selling NFT collection in the global NFT market this week. In the past seven days, the GoG Heroes NFT collection raised $2.1 million. During this time, the GOG Heroes NFT sales surged 8.24% from the past week.
6. Pudgy Penguins NFT Collection
Pudgy Penguins, a non-fungible token collection from the digital asset incubation studio, Igloo, featuring a limited edition of 8,888 penguin NFTs hosted on the Ethereum blockchain network, was the sixth most-selling NFT collection this week. In the past seven days, the Pudgy Penguins NFT collection has generated $2 million in trading volume. During this time, the NFT sales fell by 2.17% from the past week.
7. $X@AI BRC-20 NFT Collection
$X@AI, a renowned non-fungible token collection created on Bitcoin, a peer-to-peer blockchain network, using the BRC-20 protocol, was the seventh most-selling non-fungible token collection in the global NFT market this week. In the past seven days, the $X@AI BRC-20 NFT collection has recorded a trading sales volume of $2 million. During this period, the $X@AI BRC-20 NFT trading sales volume has surged by 48% from the past week.
8. Good Vibes Club NFT Collection
Good Vibes Club, a high-end non-fungible token collection featuring a fixed set of 6,969 unique 3D profile picture NFTs on the Ethereum blockchain network, created by the award-winning animation studio Toast in partnership with SuperRare, was the eighth most-selling NFT series in the NFT market this past week. In the past seven days, the Good Vibes NFT collection has generated $2 million in trading volume.
9. $?? BRC-20 NFT Collection
$??, another non-fungible token series created on Bitcoin, a renowned peer-to-peer blockchain network, using the BRC-20 protocol, was the ninth most sold non-fungible token collection in the global NFT market this week. In the past seven days, the $?? BRC-20 NFT collection has generated $1.9 million in trading volume. During this time, the $?? BRC-20 NFT trading sales volume has surged by 24% from the past week.
10. Bored Ape Yacht Club NFT Collection
Bored Ape Yacht Club, a globally acknowledged non-fungible token collection from the digital asset incubation studio, Yuga Labs, featuring a limited edition of 10,000 profile pictures hosted on the Ethereum blockchain network, was the tenth most-selling NFT collection this past week. In the past seven days, the Bored Ape Yacht Club NFT collection raised a trading sales volume of $1.7 million. During this time, the Bored Ape Yacht Club NFT trading sales surged by +29% from the past week.
The NFT Market Prediction
The global NFT market is expected to grow substantially in the coming months, with forecasts suggesting it could reach hundreds of billions by the mid-2030s. This substantial growth will be driven by increased adoption in gaming, entertainment, and institutional investment, despite short-term volatility. Key drivers will include metaverse integration, utility beyond collectibles, and celebrity involvement, with technology like machine learning used to forecast prices based on sentiment, macroeconomic factors, and technical indicators. Industry experts predict the NFT market will likely rise again, though not in the same way it did during the 2021 boom.