NFT Market Resurgence: Sales and Trading Volumes Surge

Amidst the crypto market's rebound from an extended winter, the non-fungible tokens (NFT) market is signaling a resurgence, with trading volumes of key collections experiencing notable upswings following months of consistent decline.

Nft Market Resurgence: Surge In Sales And Trading Volumes Elevates Major Collections_65b978430bfdf.webp

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 👇

— 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.

nft market resurgence surge in sales and trading volumes elevates major collections 65b978430e7ef

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.

nft market resurgence surge in sales and trading volumes elevates major collections 65b9784316075

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.


(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *


Bingx Announces Listing Of Swarm Markets (smt)

Altcoin | Editor Choice

BingX Announces Listing of Swarm Markets (SMT)

BingX exchange announces the listing of Swarm Markets (SMT) - a DeFi platform licensed by the Germany's Federal Financial Supervisory Authority (BaFin).

Azcnews Nigeria Confirm

News | Editor Choice | Policy & Regulations

Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews President Joe Biden Proposes Highest Tax Rate In History

News | Editor Choice | Policy & Regulations

President Joe Biden Proposes Highest Tax Rate in History

US President Joe Biden has just proposed increasing capital gains tax to 44.6%, marking the highest federal capital tax rate ever.

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

What Is Gas Fee

Blockchain | Editor Choice | Research

What is Gas Fee? A Guide to Optimizing Gas Fees Effectively

In any blockchain environment, Gas fees play a crucial and nearly irreplaceable role. So, what is Gas fee? How can you optimize Gas fees? Let's find out!