Surge in sales and volume of major collections revives NFT market
Increased demand for major NFT collections has resulted in a surge in sales and trading volume across various networks. As the crypto market experienced a rally following a prolonged period of decline, the NFT market is also showing signs of a comeback, with the trading volume of top collections reaching significant highs after months of steady decline.
According to data from Coingecko, the floor prices of the top 15 NFT collections have experienced a significant increase in recent days, indicating a growing demand. One notable example is the Bored Ape Yacht Club (BAYC) collection, which has seen its floor price rise by over 70% in just one month, from $24.8 in early October to $30.90 on November 13. The 24-hour trading volume of BAYC has also increased by 51% today, reflecting increased trading activity across marketplaces.
The Captainz collection, a popular collection from Memeland, has seen its 24-hour trading volume soar by over 680% since yesterday, demonstrating a surge in interest.
Data from Dune Analytics reveals that NFT trading volume on major marketplaces in November has reached its highest levels since July. On November 10, daily trading volume reached a four-month high, with Blur accounting for the majority of the trades.
In terms of sales volume, CryptoPunks has led the way with a 373% increase in weekly sales. BAYC has also experienced a 42% increase in sales.
Overall, weekly NFT sales have increased by over 60% on the Ethereum (ETH) and Solana (SOL) networks. Bitcoin’s BRC-20 collections have also seen an uptick in demand, with notable sales of $SATS and $RATS over the week.
The rising sales and trading volumes indicate a positive fourth quarter for the NFT market, with increased demand across all major marketplaces. However, the NFT market is still far from reaching its peak in 2021. If the positive sentiment continues into the new year, we may witness a partial revival of the overall market.
Read more: Blur token experiences exponential growth as NFT sales surpass the $10 million milestone. Follow us on Google News.
