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Despite experiencing a downturn for four straight weeks, eight blockchain networks logged $3.77 billion in non-fungible token (NFT) sales in the first quarter of 2024. Leading the charge, Ethereum-centric NFTs accounted for $1.4 billion or 37% of the NFT sales during Q1 2024.
In the last 30 days alone, the digital collectible market has seen transactions totaling $1.15 billion, as per the most recent data. Coin98 Analytics, drawing on information from cryptoslam.io on April 1, revealed the leading eight blockchain networks by NFT sales in Q1.
According to this data, Ethereum-based NFTs garnered $1.4 billion of the total sales across three months. Ethereum also recorded $970 million in wash trades, a distinction made clear by Coin98 Analytics’ depiction of ‘organic’ versus ‘wash volume’ sales.
At its core, wash trading occurs when an asset is traded back and forth by the same party on an NFT platform, aiming to falsely elevate the asset’s price. Regrettably, this practice of selling NFTs, often multiple times over to boost perceived value and sales volume, is all too common.
NFTs originating from the Bitcoin blockchain achieved $1.2 billion in genuine sales, alongside a minimal $3 million attributed to wash trades. In the rankings for Q1, Solana claimed the third spot, amassing $699 million in organic NFT transactions.
Moreover, Solana encountered approximately $228 million in wash trading volume, the data reveals. Polygon registered $179 million in organic sales and $62 million in artificial volume, while Mythos notched up $81 million in sales with just $800,000 in wash trades.
Avalanche matched Mythos in organic sales at $81 million, though its wash trade volume was higher with $37 million. BNB chalked up $70 million in NFT transactions with a mere $300,000 in wash trades, whereas Immutable X marked $68 million in genuine sales without any wash trade volume.
