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NFT trades surge as the average sale price hikes

source-logo  crypto.news 31 August 2023 12:05, UTC

Non-fungible token (NFT) sales have witnessed a significant surge after taking a downward curve between Aug. 25 and 29.

According to CryptoSlam, NFT sales grew by 36.5% in the past 24 hours, reaching roughly $14.25 million. Per the data aggregator, the total trades are still down by 19% from its local top of $17.61 million on Aug. 17.

Moreover, the total number of transactions and the average sale have also registered 9.05% and 32.33% hikes. Per CryptoSlam, the number of transactions has reached 277,997 while the average value of a sale grew to $51.

You might also like: NFT market witnesses lowest transaction volume in two years

On the other hand, the total amount of wash trades has also risen with the NFT uptrend. According to the data provider, the NFT wash volume has risen by 4.45%, reaching $4.51 million in 28,207 wash transactions.

Per CryptoSlam, Ethereum (ETH) remains the preferred blockchain for NFT trades, with a total sales volume of $8.4 million. Polygon (MATIC) comes second with a notable share of $1.2 million.

The surge comes while the number of wash trades on the Ethereum network witnessed a 4% decline in the past 24 hours, reaching $3.1 million.

According to a crypto.news report on Aug. 24, the floor prices of the top NFT collections — BAYC, MAYC, CryptoPunks and Azuki, to name a few — have dropped significantly over the third week of August.

Furthermore, on Aug. 28, a report revealed that the NFT market witnessed a two-year low sales volume of just $8.9 million.

Read more: Top NFT floor prices plunge while sales slightly hike