NFT Records Weekly Surge As Ethereum Takes The Lead

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The Non-Fungible Token (NFT) landscape has just recorded a 10.1% weekly surge. According to Cryptoslam data, this spike saw its weekly sales volume skyrocket to $85.9 million. This is a sizable increase compared to the figures recorded in the last two weeks of September. Apart from the rise in sales volume, there was also a surge in the number of digital collectible buyers.

This metric saw a 21.73% increase to 794,763, while the number of NFT sellers dropped to more than half at 377,711. NFT transactions are also rising, recording more than a 64.72% weekly increase to 1,2956,201.

Ethereum Outranks Bitcoin And Solana

Among the several networks that have contributed to this outlook, Ethereum stands tall. It raked in $27.48 million in NFT sales volume, of which $3.3 million accounted for wash trading. Taking its slice from the general surge, the number of Ethereum NFT buyers recorded a 12.49% increase and stood at 55,859. Bitcoin followed next with $12.62 million in total sales.

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Bitcoin has seen up to a 40% drop in NFT buyers in the last couple of days. Solana and Mythos Chain (MYTH) recorded $11.8 million each, while Polygon (POL) and Binance Coin (BNB) bagged $10.6 million and $3.35 million in sales, respectively. For wash trading, Bitcoin accounted for $887,810 and Solana $701,810. It is worth noting that Solana has the highest number of buyers compared to the other networks.

NFT Regulatory Landscape Is Tough

The regulatory landscape of digital collectibles has been threatened by the United States Securities and Exchange Commission (SEC) for the last few months. Exclusive NFT-based restaurant project Flyfish Club, LLC, reached a $750,000 settlement with the agency in September after being accused of conducting an unregistered offering of crypto asset securities.

The firm allegedly sold 1,600 NFTs to U.S. investors and raised $14.8 million in the process.

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Magic Eden, RadioShack Launch NFT Collection

Magic Eden, Ubisoft, and the Arbitrum Foundation recently announced the launch of a new Web3 gaming NFT collection. The collection comprises 10,000 NFTs and is based on the Netflix anime show Captain Laserhawk: A Blood Dragon Remix. It blends the creativity of the anime world with the dynamic possibilities of decentralized gaming and redefines how players engage with games.

Similarly, RadioShack turned 100 years old this year and commemorated the milestone by launching a DeFi protocol and an NFT collection.