The non-fungible token market has showcased light signs of making a comeback anytime from now, with the number of NFT collectors trading NFTs rising more than 15% this week. In this edition, we shall assess the NFT trading activity this week as well as the market prediction for the coming weeks.

NFT Sales Dip 4.57%

Data compiled by CryptoSlam.io, an on-chain data aggregator, indicate that the NFT market has experienced a sharp spike in users trading NFTs this week. In the past seven days, the number of users buying NFTs has risen 17.77% to 569,407. The NFT of users selling NFTs is also up 15.82%.

Unfortunately, despite the rise in number of collectors trading digital collectibles, the NFT sales volume is still down 4.57% this week. The NFT market has recorded a trading sales volume of $61 million in the past seven days.

Non-fungible token collections hosted on Ethereum, the largest blockchain for NFTs, have been the most traded NFT collections this week. Ethereum NFTs have amassed a trading sales volume of $32 million in the past seven days. Ethereum NFTs are down 5.02% this week.

Digital collectibles hosted on Mythos Chains are the second most traded NFT collection this week. In the past seven days, Mythos Chains NFTs have recorded a trading sales volume of $9.1 million. Mythos Chain NFTs are up 6.93% this week.

Non-fungible token hosted on Solana, the decentralized blockchain network, has been the third most traded NFTs this week. Solana-based NFTs have amassed a trading sales volume of $5.5 million in the past seven days. Solana-based NFTs are down 8.14 % this week.

NFTs hosted on Polygon and Immutable X have been the fourth and fifth most traded NFT collections this week, amassing a trading sales volume of $5.2 and $3.1 million, respectively. Immutable X NFTs are up 38.8% in sales this week, while Polygon-based NFTs are up 0.87%.

Top Selling NFT Collection This Week

1. DMarket NFT Collection

This week, DMarket, an NFT collection hosted on Mythos Chain blockchains, has been the most traded NFT collection. DMarket NFT collection has attracted a trading sales volume of $9.1 million in the past seven days. DMarket NFT collection is up 7.01% this week.

2. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, an NFT collection from the digital asset incubation studio Yuga Labs, has been the third most traded NFT collection this week. In the seven days, Bored Ape Yacht Club NFT has amassed a trading sales volume of $3.4 million. Bored Ape NFTs are down 8.42% this week.

2. DraftKings Reign Makers NFTs

Reign Makers is an NFT collection from the NFT marketplace DraftKings hosted on the Polygon network. DraftKings Reign Makers have been the second most traded NFT collection this week. In the past seven days, DraftKings Reign Makers NFTs have attracted a trading sales volume of $3.1 million. DraftKings Reign Makers NFTs are down 2.47% in sales this week.

4. Gods Unchained NFTs

Gods Unchained is an NFT collection from the digital trading card game Gods Unchained hosted on the Immutable X network. Gods Unchained has been the fourth most traded NFT collection this week. Gods Unchained has amassed a trading sales volume of $2.9 million in the past seven. The NFT collection is up 36% this week from the previous week.

5. Sorare NFTs

Sorare, an NFT collection from the fantasy sport cryptocurrency-based video game Sorare, has been the fifth most traded NFT collection this week. In the past seven days, Sorare NFTs have attracted a trading sales volume of 2.3 million. Unfortunately, Sorare NFTs are down 20.71% this week.

6. Cryptoadz NFTs

Cryptoadz, an NFT collection from the digital artist Glemplin featuring a limited edition of 6969 NFTs, has been the sixth most traded NFT collection this week. In the past seven days, the NFT collection has recorded a trading sales volume of $1.6 million. The NFT collection has spiked 6191% in sales this week.

7. Winds Of Yawanawa NFTs

The Winds of Yawanawa is an NFT collection from the famous Turkish-American new media artist Refik Anadol in partnership with the Yawanawá community, indigenous people in the Brazilian Amazon forest. Yawanawa NFT collection has been the seventh most traded NFT collection. In the past seven days, the NFT collection has raised a sales volume of $1.4 million.

8. CryptoPunks NFTs

CryptoPunks is an NFT collection previously from the digital asset firm Larva Labs, featuring a limited edition of 10,000 NFTs hosted on the Ethereum network. The NFT collection, which is now in the safe hands of Yuga Labs, has been the eighth most traded NFT collection this week. In the past seven days, the NFT collection has recorded a trading sales volume of $1.4 million. The NFT collection is down 48% this week from the previous week.

9. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club, an NFT collection from digital asset firm Yuga Labs that features a set of 20,000 NFTs hosted on the Ethereum network, has been the ninth most traded NFT collection this week. In the past seven days, the NFT collection has attracted a sales volume of $1.1 million. The Mutant Ape NFT collection is down 3.42% in sales this week.

10. Koda NFTs

Koda is an NFT collection from Yuga Labs’ metaverse game venture Otherside, allowing NFT holders to participate in the gameplay. Koda NFT collection has been the tenth most traded NFT collection this week, amassing a trading sales volume of $829,174. Koda NFTs are up 31% in sales this week.

Cryptoadz #4030 has been the most expensive NFT collection this week, selling for $1.7 million four days ago. StarCraft Planets #1508 has the second most expensive NFT collection, selling for $32,883 three days ago. EarthNode #233 and ArchiFinance #108 have been the third and fourth most expensive NFT collections this week, selling for $25,737 and $19,600 two days ago.

Is The Bear About To End?

Despite the recent study pronouncing 95% of NFTs as worthless, the NFT market still poses huge potential for making another comeback. NFTs are not the digital asset to be declared dead. Over the past decade, we’ve seen many sentiments terming “Bitcoin as dead,” yet the current crypto winter has brought very few of these dire proclamations.

The flagship crypto “Bitcoin” has spiked up 55% today after the United States Security and Exchange Commission “SEC” failed to appeal a court’s scathing reversal of its decision to prevent the digital currency asset management company Grayscale from converting its Bitcoin trust into a more investor-friendly exchange-traded fund. The highly anticipated Grayscale ETF approval will also impact the NFT market positively.

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• Source: https://insidebitcoins.com/news/the-nft-market-analysis-no-of-investors-trading-nfts-is-up-15-in-the-past-7-days