Image default

NFT Market Revival Begins Amid Booming Sales and Floor Prices 

NFT Market Revival Begins Amid Booming Sales and Floor Prices 

YEREVAN ( — Nonfungible tokens (NFTs) experienced a significant increase in weekly sales volume in late 2023. Blockchain analytics firm Nansen reported that NFT sales in early October 2023 were 29,704 ETH, approximately $56 million. 

However, these figures grew steadily, reaching 68,342 ETH, or over $129 million, by the week ending Nov. 6.

The NFT market started showing signs of revival last month. In another post on Oct. 24, Nansen announced a nearly 40% rise since September.  

“NFT volume is at its highest since the end of August and is 38% higher than the lowest week in September. The market euphoria isn’t just happening to BTC, ETH, SOL and many other coins… but also NFTs,” 

the analytics firm wrote. 

Fight of the NFT marketplaces: OpenSea Loses Title to Blur

According to Nansen’s data, NFT marketplace Blur accounted for most of the trading volume over the last 30 days. With 161,433 ETH, or about $305 million, it surpasses its rival, OpenSea. The latter recorded a trading volume of 52,307 ETH or around $100 million.

NFTs, including Blue Chip collections like Bored Ape Yacht Club, experienced a significant increase in weekly sales volume in late 2023.
Blur has overtaken OpenSea in terms of NFT sales volume in recent weeks. Credit: Nansen Analytics

Meanwhile, floor prices of blue-chip NFT collections have also experienced a substantial surge in the past few weeks. This indicates a growing demand for digital collectibles following the earlier slumps. 

Bored Ape Yacht Club (BAYC) Registers 200% gains

According to NFT Price Floor data, Bored Ape Yacht Club (BAYC) saw a 33% increase in its floor price within a month. It rose from 24.1 ETH in the first week of October to 32.2 ETH on Nov. 9. At the time of writing, the cheapest APE available in the market is about 29 ETH. Based on today’s Ethereum price, it fetches a value of around $60,000. 

Moreover, BAYC’s 30-day trading volume has surged by 216%, reaching the 82,430 ETH mark. 

NFT sales volumes, NFT Market Revival Begins Amid Booming Sales and Floor Prices 
Bored Ape Yacht Club (BAYC) is surging again as investors return to NFTs. Credit: NFT Price Floor

Meanwhile, Crypto Punks, another popular blue-chip NFT, is also regaining lost favor among collectors. Its floor price rose from 41.5 ETH on Oct. 17 to 59.7 ETH on Nov. 13. This marks an over 43% jump in less than a month. The collection’s 24-hour trading volumes have also spiked 469.57%, crossing 421.48 ETH (over $863,000). 

With the wider cryptocurrency market recovering from the slump, the NFTs are also returning. Those who held their nerve and brought blue-chip NFTs at low prices may finally reap the benefits of their investments.

Source link

Related posts

BTC Rebounds Following Bullish Comments From Elon Musk – Market Updates Bitcoin News

Marine Savard

MEE Token Launch on Bybit Sparks Outcry Among Crypto Influencers

Marine Savard

Decoding Floki Inu’s [FLOKI] movement after Binance.US listing

Marine Savard

BTC investors and whales witness a change of heart and plans — Decoding ‘why’

Marine Savard

Bitcoin Overheated, But These Altcoins Could Be Worthy Buys

Marine Savard

The Block founder says he’s exploring ways to get the publication into ‘trustworthy’ hands

Marine Savard

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More