November 13, 2023
By Anjali Kochhar
As weekly Ethereum sales increase and attract the attention of cryptocurrency market enthusiasts, the NFT market is reportedly exceeding expectations, according to a new analysis by Nansen. The nonfungible token (NFT) market is flourishing despite recent setbacks, with leading collections and platforms recording record trade volumes.
Let’s examine the data in more detail to discover how investors are placing their bets on the NFT market.
NFT Sales Increase During An Amazing Turnaround
The NFT market has made an outstanding recovery after being rocked recently by reports of layoffs and concerns about its stability. Blockchain analytics platform Nansen reports that a remarkable 68,342 ETH worth over $129 million were sold during the week that ended on November 6. This is a considerable increase in NFT sales. In contrast, the report stated that as of the week’s end on October 9, 29,704 ETH had been sold overall.
Over the past 30 days, Blur—a well-known marketplace—has become the leader in the field of NFT trading. Blur commanded a trading volume of 161,433 ETH, or almost $305 million, according to NFTGo data. Strong opponent OpenSea took second place with 52,307 ETH, or over $100 million, in trading volume.
Significantly, OpenSea recently revealed a large layoff, which alarmed the decentralized finance (DeFi) industry. The announcement states that OpenSea is significantly reducing staff, with CEO Devin Finzer announcing a 50% reduction in staff. This calculated action is a step toward “OpenSea 2.0,” which aims to enhance the platform’s essential features, such as technology and user experience.
And who is at the head of the table?
Bored Ape Yacht Club (BAYC) had the largest trading volume of 35,112.96 ETH, or around $60.92 million, during the previous 30 days, making it stand out when it came to NFT collections. The Captainz with 9,964.56 ETH and Mutant Ape Yacht Club (MAYC) at 14,969.31 ETH were next in line.
With a market value of 477,261.25 ETH, or $876.86 million, the venerable NFT collection CryptoPunks continued to hold the top spot in terms of market capitalization. Nonetheless, throughout the previous 30 days, 5,773.42 ETH were traded on it.
In the meantime, there has been an important rise in NFT traders despite recent difficulties in the NFT industry. NFTGo data shows that throughout the previous week, 42,254 traders were active, a 12% rise from the previous week. Sellers saw a 19.37% increase to 27,308, while buyers had a 9.61% increase to 22,804. Surprisingly, the six million or so wallets that contained NFTs stayed constant.
The NFT market maintained extraordinary endurance, and the increase in trade volume suggests that the industry is far from being obsolete. Despite recent obstacles, it still draws traders and collectors, indicating its strong and expanding position in the larger cryptocurrency market.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.