Ethereum Layer 2 scaler Arbitrum (ARB) is facing a bearish week after it failed to set a recent price floor and fell below the $2 level. Additionally, the unlocking event scheduled for March may negatively impact the token price.
Despite ARB’s recent decline, blockchain has outperformed the non-fungible token (NFT) market, outperforming Ethereum and Solana.
Arbitrum: Best profit on the last day
Data from Crypto Slam to introduce that the daily NFT sales volume on the Arbitrum blockchain has increased over the past 24 hours. Blockchain is the fourth largest in terms of total NFT sales volume, recently outperforming Ethereum and Solana.
Top ten blockchains by NFT sales volume in the last 24 hours. Source: Crypto Slam
The chart above shows that Arbitrum was the biggest gainer after reporting an raise in sales volume of 119.41%, or over $1.26 million, in the last 24 hours. Blockchain also saw an 8.09% raise in laundry sales compared to the previous day. Despite the raise, it only represents 0.11%, or $1,489, of total sales volume.
Wash trading is a practice used to artificially inflate the value of assets. In market manipulation, a trader buys and sells the same asset, usually through a third party, to create the appearance of greater market activity for the asset.
Wholesaling in the NFT marketplace can occur through a single seller creating multiple NFT trading accounts or two sellers planning to buy and sell digital assets from each other.
There were 8,094 transactions concluded on the Arbitrum blockchain in the last day, which means an raise of 9.04%. NFT demand and offerings are also up around 10%, with 3,557 buyers and 1,904 sellers in the last 24 hours.
Solana and Ethereum saw milder increases in daily volume sales, up 26.69% and 5.42%, respectively. Solana’s total sales volume was $10.9 million, divided by $9.17 million in real sales and $1.77 million in wash sales, representing 16.21% of the total volume and an raise of 9.37% from the previous day.
Even though the sales volume was almost eleven million dollars, on the last day demand and offer saw a significant decrease in transactions of 21.21% and a decrease in the number of buyers by 15.6%.
On the other hand, NFT sales on the Ethereum blockchain saw a 2.9% decline in total daily sales volume. Similarly, the number of transactions decreased slightly by 3.79% and amounted to 23,931 transactions.
However, it is worth noting that wash sales on the Ethereum blockchain have seen a significant drop of 19.33% to $7.14 million in the last 24 hours.
Is there an NFT resurgence on the horizon?
The daily sales volume suggests recent interest in some NFTs offered on Arbitrum and other leading blockchains. However, this interest may be momentary in this ever-changing market. To paint the bigger picture, let’s look at what the data suggests over a 7-day time frame.
As you can see in the chart below, five of the top ten blockchains by NFT sales volume saw growth during this time frame. Arbitrum, Bitcoin and BNB Chain are among the biggest gainers in the last week.
Top ten blockchains by NFT sales volume in the last 7 days. Source: Crypto Slam
Arbitrum remains the biggest gainer with a massive gain of 373.18%. The number of buyers and sellers has also increased exponentially, with an raise of 69% (approximately 35,000 buyers) and 56% (27,000 sellers) last week.
Ethereum ranks first as a blockchain with the highest NFT sales volume of $202.5 million. However, Solana remains the winner in transaction and user metrics. Last week, 860,714 transactions took place on the blockchain, involving over 242,041 buyers and 144,395 sellers.
In addition to sales volume, transaction data and the number of buyers/sellers also shed delicate on the NFT market last week. These numbers, green in the top ten blockchains by NFT sales, undoubtedly suggest an raise in interest over a 7-day horizon. However, these numbers are significantly lower than the NFT market performance shown on a 30-day basis.
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