NFT Market Bounces Back with Soaring Sales

Major NFT collections are experiencing a surge in demand, as evidenced by soaring sales and trading volumes across various networks.

Following a prolonged downturn in the crypto market, the market for non-fungible tokens (NFTs) is showing signs of revival. Notably, several key collections have seen their trading volumes reach new heights after months of decline. Data from Coingecko reveals that the floor prices of the top 15 NFT collections have risen markedly in recent days, indicating growing interest.

One of the most striking examples is the Bored Ape Yacht Club (BAYC) collection, whose floor price jumped over 70% in a month, climbing from $24.8 in early October to $30.90 on November 13. Additionally, BAYC’s 24-hour trading volume has increased by 51% today, reflecting heightened activity in the marketplaces. Another notable surge was seen in the 24-hour trading volume of Captainz, a prominent collection from Memeland, which skyrocketed by over 680% since the previous day.

Dune Analytics data shows that NFT trading volume across major marketplaces in November hit the highest levels since July. On November 10, the daily trading volume reached a four-month peak, with the Blur platform dominating these trades. In terms of sales volume, CryptoPunks led the charge with a 373% increase in weekly sales, while BAYC also saw a 42% rise in sales.

Overall, weekly NFT sales on the Ethereum (ETH) and Solana (SOL) networks have increased by over 60%. There’s also heightened demand for Bitcoin’s BRC-20 collections, with $SATS and $RATS recording significant sales over the week. This uptrend in sales and trading volumes points to a potentially strong fourth quarter for the NFT market, with increased interest across all major marketplaces. However, the NFT market still lags far behind its peak in 2021. Continued positive sentiment into the new year could lead to a partial recovery of the overall market.

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