NFT Market in an Upswing As Leading Collections See Rise in Sales Volumes
The top NFT collections are now seeing a rise in demand as sales and trading volumes rise rapidly in several networks.
After a long crypto winter, it appears the crypto market is finally seeing a rally. This has a trickle-down effect on the non-fungible token (NFT) market as well. The trading volumes for some of the major collections are seeing a significant bump after a prolonged decline.
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
Trading data from Coingecko shows floor prices for the 15 leading NFT collections have risen significantly in the past few days, indicating a rise in demand.
The most notable price increase was that of the Bored Ape Yacht Club (BAYC) which rose 70% within a month, which stood at $24.8 in the first week of October to $30.90 by November 13th.
On November 13th, BAYC’s 24-hour trading volume rose by 51%, indicating an increase in trading across marketplaces.
The popular Memeland collection CaptainZ saw a 680% increase in its 24-hour trading volume over the past day.
According to Dune Analytics data, the NFT trading volume across all the major marketplaces this month registered their highest figures since July this year. The daily trading volume on November 10 hit a four-month high. Blur made the bulk of the trades.
CryptoPunks recorded the highest increase in sales volume, registering a 373% increase in weekly sales. The Bored Ape Yacht Club (BAYC) registered a 42% increase in its sales.
All in all, weekly NFT sales rose by more than 60% on Ethereum (ETH) and Solana (SOL) networks. The BRC-20 collections from Bitcoin also registered an increase in demand. Both $SATS and $RATS so significant sales over the past week.
The rise in sales and trading volumes shows the NFT market will have a positive Q4 with demand increasing in all the major marketplaces. In spite of the rally, the non-fungible tokens market is yet to hit the 2021 highs when trades ran into billions of dollars. Should the positive sentiment continue into 2024, it is possible the NFT market could bounce back considerably.
https://virtualrealitytimes.com/2023/11/15/nft-market-in-an-upswing-as-leading-collections-see-rise-in-sales-volumes/https://virtualrealitytimes.com/wp-content/uploads/2022/01/NFT-Boom.pnghttps://virtualrealitytimes.com/wp-content/uploads/2022/01/NFT-Boom-150x90.pngBusinessNFTThe top NFT collections are now seeing a rise in demand as sales and trading volumes rise rapidly in several networks. After a long crypto winter, it appears the crypto market is finally seeing a rally. This has a trickle-down effect on the non-fungible token (NFT) market as well. The...Sam OchanjiSam Ochanji[email protected]SubscriberVirtual Reality Times - Metaverse & VR