Arbitrum Beats Ethereum and Solana With 119% Surge In NFT Sales, NFT Resurgence On The Horizon?
February 26 2024 - 7:00PM
NEWSBTC
Arbitrum (ARB), the Ethereum Layer 2 scaling solution, has been
facing a bearish week after failing to establish a new price floor
and falling below the $2 level. Additionally, the unlocking event
scheduled for March could negatively impact the token’s price.
Despite ARB’s recent drop, the blockchain has seen a greater
performance in the non-fungible token (NFT) market, surpassing
Ethereum and Solana. Related Reading: Arbitrum (ARB) Faces
Potential Selling Pressure As 1 Billion Tokens Become Unlocked In
March Arbitrum: Top Gainer In The Last Day Data from Crypto Slam
shows that the daily NFT sales volume in the Arbitrum blockchain
recovered in the last 24 hours. The blockchain is the fourth
largest by total NFT volume sales, showing a recent performance
larger than Ethereum or Solana. Top ten blockchains by NFT sales
volume in the last 24 hours. Source: Crypto Slam The chart above
shows that Arbitrum is the top gainer after seeing a 119.41% surge
in sales volume, over $1.26 million, during the last 24 hours. The
blockchain also registered an 8.09% increase in wash sales from the
day prior. Despite the rise, it only accounts for 0.11%, or $1,489,
of the total sales volume. Wash trading is a practice used to
inflate an asset’s value artificially. As a form of market
manipulation, the trader buys and sells the same asset, usually
through a third party, to create the impression of a higher market
activity of said asset. Wash sales in the NFT market can happen
through a single seller creating multiple accounts to trade the NFT
or two sellers scheming to buy and sell each other’s digital
assets. The Arbitrum blockchain had 8,094 transactions during the
last day, which accounts for a 9.04% increase. Its demand and offer
of NFTs also rose by approximately 10%, with 3,557 buyers and 1,904
sellers in the previous 24 hours. Solana and Ethereum saw a milder
increase in their daily volume sales, with 26.69% and 5.42%
respectively. Solana had a total sales volume of $10.9 million,
divided by $9.17 million in authentic sales and $1.77 million in
wash sales, which is 16.21% of the total volume and a 9.37% surge
from the day prior. Despite the sales volume being worth almost
eleven million dollars, the demand and offer saw a significant
21.21% transaction drop and a 15.6% buyer decrease on the last day.
On the other hand, the NFT sales in the Ethereum blockchain saw a
2.9% drop in its total daily sales volume. Similarly, the number of
transactions faced a slight 3.79% decline, with 23,931
transactions. However, it’s worth noting that wash sales in the
Ethereum blockchain saw a significant 19.33% decrease, with $7.14
million in the last 24 hours. Is An NFT Resurgence In The Horizon?
The daily sales volume suggests a recent interest in some of the
NFTs offered in the Arbitrum and other top blockchains. However,
said interest could be a momentary thing in this ever-changing
market. To paint a bigger picture, let’s look at what the 7-day
time frame data suggests. As seen in the chart below, five of the
top ten blockchains by NFT sales volume have increased in this
timeframe. Arbitrum, Bitcoin, and BNB Chain are among the top
gainers in the last week. Top ten blockchains by NFT sales volume
in the last 7 days. Source: Crypto Slam Arbitrum remains the
biggest winner with its massive 373.18% surge. The number of buyers
and sellers also increased exponentially, with a 69% surge
(approximately 35,000 buyers) and a 56% increase (27,000 sellers)
in the past week. Ethereum takes the first spot as the blockchain
with the largest NFT sales volume of $202.5 million. However,
Solana remains the winner in the transaction and the user’s metric.
The blockchain saw 860,714 transactions in the past week, with over
242,041 buyers and 144,395 sellers. Besides the sales volume, the
transactions and buyer/seller numbers shone some light on the NFT
market in the past week. These numbers, green in the top ten
blockchains by NFT sales, undoubtedly suggest an increase in
interest in the 7-day time frame. However, these numbers are
significantly below the NFTs market performance shown in the 30-day
metric. Related Reading: How To Create And Mint Your Own NFTs On
The Ethereum Network ARB is trading at $1.82 in the 1-day chart.
Source: ARBUSDT on TradingView.com Featured image from
Unsplash.com, Chart from Tradingview.com
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