NFT Market Sees Upward Trend with Steady Increase in Weekly Ethereum Volumes
Luisa Crawford Nov 07, 2023 08:20
The NFT market has seen a significant recovery, with weekly Ethereum volumes increasing from 29,704 ETH to 68,342 ETH, with marketplaces like Blur and BAYC experiencing high trade activity.
In recent developments within the NFT ecosystem, a consistent growth pattern has emerged, as reported by Nansen, a blockchain analytics platform. Over a five-week period, the NFT market has seen a robust increase in trading volumes, particularly in Ethereum (ETH) transactions. The upward trajectory commenced in the week closing on October 9th, with NFT sales amounting to 29,704 ETH. By the week ending November 6th, this figure nearly doubled to 68,342 ETH.
The data suggest a possible resurgence of the NFT market, which had witnessed a significant downturn in previous months. This recent spike in trading volumes marks the highest point since late August and represents a 38% rise from the market’s lowest week in September. The increase has paralleled the market movements of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), indicating a broader recovery across the digital asset space.
The NFT marketplace Blur has notably outperformed its competitors, accounting for a staggering 171,926 ETH of the total trading volume, overshadowing OpenSea’s 37,765 ETH. This shift in market dominance reflects changing preferences and dynamics within the NFT sector.
NFTGo's analytics highlight that the Bored Ape Yacht Club (BAYC) collection topped the charts with the highest trading volume among NFT collections over the past month, amassing 35,226 ETH. Other significant contributors included The Mutant Ape Yacht Club (MAYC) and The Captainz, while CryptoPunks sustained its position as the collection with the highest overall market value.
Interestingly, the number of active NFT traders spiked by 12% last week, while the wallet count for NFT holders maintained stability at around six million, a number that has seen little change since January.
In a tangential update, OpenSea, a prominent player in the NFT marketplace, announced an upcoming launch scheduled for November 3rd, coinciding with the news of a significant workforce reduction, laying off half of its staff.
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