The NFT market is experiencing a resurgence, witnessing a notable uptick in sales and trading volumes across major collections. As the broader crypto market stages a comeback following an extended crypto winter, the NFT sector is showing signs of renewed vitality after months of relatively stable performance.
NFT markets are rallying again 🔥
Here’s all the bullish news you need to know
In 4 minutes or less 👇 pic.twitter.com/GuZM6X2zQu
— Bankless (@BanklessHQ) November 12, 2023
Recent data from Coingecko reveals a substantial surge in the floor prices of the top 15 NFT collections in the past few days, indicating a growing demand for these digital assets. A standout example is the Bored Ape Yacht Club (BAYC) collection, which has seen a remarkable 70% increase in its floor price over the past month, climbing from $24.8 in early October to $30.90 as of November 13. BAYC’s 24-hour trading volume has also surged by 51%, reflecting heightened activity across various marketplaces.
Another noteworthy development is the explosive 680% surge in the 24-hour trading volume of Captainz, a popular collection from Memeland. Dune Analytics data further underscores the revival, revealing that NFT trading volumes on major platforms in November have reached their highest levels since July. On November 10, daily trading volume hit a four-month peak, with Blur dominating the majority of transactions.
Sales volumes tell a similar story, with CryptoPunks leading the pack with an impressive 373% increase in weekly sales, closely followed by a 42% uptick in sales for BAYC. The overall weekly NFT sales on Ethereum (ETH) and Solana (SOL) networks surged by over 60%, and even Bitcoin’s BRC-20 collections, represented by $SATS and $RATS, experienced notable sales activity during the week.
Related: CryptoPunks NFTs Surge: A Dazzling 900% Spike in Trading Volume Lights Up the Collection
These surges in sales and trading volumes paint a positive picture for the NFT market heading into Q4, suggesting increased demand across major marketplaces. However, it’s crucial to note that the NFT market is still in the process of recovering and is a far cry from its peak in 2021. If the current positive sentiment persists into the new year, there is potential for further revival and growth in the overall market.
