NFT Market Sees Significant Growth Despite Decline in Buyer and Seller Numbers

According to PANews, the NFT market experienced a notable increase in transaction volume over the past week, rising by 20.67% to reach $122.6 million. Despite this growth, market participation saw a significant decline, with the number of NFT buyers plummeting by 89.08% to 88,157, and sellers decreasing by 82.62% to 56,817. The number of NFT transactions remained relatively stable, increasing by 1.63% to 1,357,999.The Ethereum network regained its dominance, with transaction volumes soaring by 133.36% to $50 million compared to the previous week. The Bitcoin network saw a transaction volume of $15.5 million, marking a 50.12% increase. In contrast, the Polygon network experienced a decline, with transaction volumes falling by 41.86% to $14.6 million. The Mythos Chain network also saw a slight decrease, with transaction volumes dropping by 2.43% to $14 million.