NFT Sales Hit $129 Million in November in an Unexpected Surge
Non-Fungible Tokens are seeing a mini boom in November. After a slump that lasted close to years, the market is seeing a steady increase in weekly Ether (ETH) sales volumes based on data by Nansen, a blockchain analytics platform.
A Nansen X post highlighted that NFT sales amounted to 29,704 ETH, which roughly translates to $56 million at current ETH market prices. The weekly sales volume hit 68,342 ETH, worth more than $129 million.
NFT volume for the past 5 weeks has been steadily increasing 📈
The bottom was the week closing 9th Oct, where NFT weekly volume was 29,704 ETH, compared to last week, week ending Nov 6th, NFT sales volume reached 68,342 ETH
Slowly then suddenly…?https://t.co/SOlhKZezmO pic.twitter.com/420fiRYw9e
— Nansen 🧭 (@nansen_ai) November 6, 2023
The biggest share of NFT trading volume over the past 30 days was in the NFT marketplace Blur. Information from the data aggregator NFTGo shows that Blur’s trading volume was 161,433 ETH, worth approximately $305 million, over the past 30 days. OpenSea took the second post with 52,307 ETH in trading volume, worth roughly $100 million at current ETH prices.
The Bored Ape Yacht Club (BAYC) NFT Collection registered the biggest trading volume over the past 30 days. The BAYC NFT collection had a trading volume of 32,226 ETH, worth about $66.7 million. The Mutant Ape Yacht Club (MAYC) NFT collection hit a trading volume of 14,947 while The CaptainZ had a trading volume of 9,948 ETH.
CryptoPunks retains the top spot as the leading NFT collection in terms of market capitalization. However, over the past 30 days, it has lagged behind other collections, notching up a trading volume of just 5,773 ETH over the past 30 days.
According to NFTGo’s data, the past seven days also saw a 12% increase in the number of NFT traders. Over the same time period, there were 22,804 buyer addresses and 27,308 seller addresses. The total number of wallets holding NFTs still stood at about six million.
The mini-boom in NFT trading volume last week happened at a time when the market has been on a bearish trend. NFT marketplace OpenSea laid off half of its staff just before the rise in NFT trading volume in preparation for the launch of its second version.
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