12/04/2024 7-Day NFT Sales Increase by 37%, Bitcoin-Based Collections Lead

7-Day NFT Sales Increase by 37%, Bitcoin-Based Collections Lead

7-Day NFT Sales Increase by 37%, Bitcoin-Based Collections Lead
Sales volumes of non-fungible tokens (NFTs) recorded a more than 37% increase to $277 million in the seven-day period ending April 11. Six of the top 10 collections with the largest sales volumes were Bitcoin-based NFTs. Some experts attribute the renewed interest in NFTs to the rise of real-world assets and NFTs with built-in utility.

Wash Volumes, Transactions Decrease

According to the latest data from Cryptoslam, the seven-day sales volumes of NFTs as of April 11 were $277 million, a more than 37% increase from the sales recorded in the previous period. During this period, the Uncategorized Ordinals compilation led the NFT collections ranking by volumes with sales of just over $10 million. PUPs BRC-20 NFTs were ranked second with sales nearly topping $4.5 million.

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In total, six Bitcoin-based NFTs were among the top ten collections with the largest volumes. Two Solana-based collections, one each for Avalanche and Mythos, completed the top ten collections for the seven-day period under review. Bored Ape Yacht Club (BAYC), ranked 11th, was the highest-ranked Ethereum-based NFT with sales volumes of $794,500.

Meanwhile, the Cryptoslam data further shows that despite the surge in sales volumes, the number of transactions decreased by 21.65% to 1,676,393. In the same period, both wash volumes and wash transactions fell by 28.03% and 32.13%, respectively.

NFTs With Built-in Utility

As reported by Bitcoin.com News, NFT sales volumes had been declining before the uncharacteristic surge. Some experts believe the rise of real-world assets and NFTs with built-in utility may explain investors’ renewed interest in NFTs. Alina Krot, CEO of 10101.art, also linked the renewed interest to NFT innovations promising even better returns.

“Owning such NFTs grants access to exclusive communities, events, or in-game items, making them more attractive for individuals. Also, innovations, such as collective ownership of NFTs and integration with the Metaverse are drawing investor interest by offering new financial opportunities with a potential for higher returns,” Krot said.

Regarding the general decline of the NFT market, which has led some traditional companies and institutions to scale back or abandon NFTs, Krot attributed the cool-off to what she termed as oversaturation. The CEO added that as the NFT market matured, prices fell back to more realistic levels.

Looking ahead, Krot said the NFT market is anticipating a revolution in real-world assets, where art tokenization will become the trend.

Arts

https://news.bitcoin.com/7-day-nft-sales-increase-by-37-bitcoin-based-collections-lead/

Interesting NFTs
Tametomo and the inhabitants of Onoshima Island
Katsushika Hokusai (1760-1849) Tametomo and the inhabitants of Onoshima Island 1811 - Japan
Grape Lemon
The Fight Club NFT collection is a compilation of 280 custom hand painted baseball bats with varying traits such as color and paint placement. Fight Club is created by Deconstructed Pop Artist Matt Gondek.
Genesis
JosĂ© Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).
The Complete MF Collection
THE COMPLETE MF COLLECTION by Beeple