NFT Market Recovers, NFT Sales Soar 18% to IDR 1.6 Trillion in the Last Week

The NFT market has experienced a significant spike in the past week. (Photo; Doc. Cryptoast)

JAKARTA - The non-fungible token (NFT) digital art market, which was sluggish in October, is now showing signs of revival. Recent data shows that NFT sales have seen a significant increase over the past week, driven by the performance of Ethereum and Bitcoin. Sales of Ethereum-based NFTs rose 8.55%, while sales of Bitcoin-based NFTs jumped 154.75%.

According to data from [NonFungible.com], NFT sales between October 29 and November 5 2023 reached a total value of 106.32 million US dollars (IDR 1.6 trillion). This figure is up 18.30% compared to the previous week, which only recorded sales of USD  89.87 million (IDR 1.3 trillion). This increase was also accompanied by an increase in the number of NFT buyers and sellers, which rose 17.77% and 15.82% respectively.

Ethereum is still the blockchain that dominates NFT transactions, with sales worth  60.91 million US dollars  (IDR 917.2 billion) during this week. Ethereum hosts some of the best-selling NFT collections, such as Bored Ape Yacht Club (BAYC), The Captainz, and Gods Unchained. BAYC leads with sales of  10.79 million US dollars  (IDR 162.3 billion), followed by The Captainz with  8.54 million US dollars  (IDR 128.5 billion), and Gods Unchained with  5.42 million US dollars  (IDR 81.5 billion billion).

Bitcoin also showed impressive performance, with sales of Bitcoin-based NFTs or Bitcoin Ordinals reaching  13.17 million US dollars  (IDR 198.1 billion) this week. This is an increase of 154.75% compared to the previous week, which only recorded sales worth  5.17 million US dollars (IDR 77.8 billion).

Bitcoin offers several unique NFT collections, such as the BRC20 Bitcoin NFT, which sold for 56 thousand US dollars  (IDR 842.4 million), and the BRC20 Bitcoin NFT, which sold for 7.3 million US dollars  (IDR 109.8 billion).

Apart from Ethereum and Bitcoin, several other blockchains also recorded quite high NFT sales, such as Solana, Mythos, and Immutable US (IDR 112.3 billion), and Immutable X reached 5.69 million US dollars  (IDR 85.6 billion).

The most expensive NFT transaction this week was BAYC #6022, which sold for  303 thousand US dollars (IDR 4.5 billion).

Even though the NFT market experienced a recovery this week, consistency and stability are still needed to restore the confidence of investors and collectors. The NFT market is still vulnerable to fluctuations and speculation, so better education and regulations are needed to protect the rights and interests of NFT market players.