The NFT Market Shows Signs of Recovery
There are positive indications that the non-fungible token (NFT) market is on the verge of making a comeback. The number of NFT collectors trading digital collectibles has increased by over 15% this week. Let’s take a closer look at the recent activity in the NFT market and make predictions for the coming weeks.
NFT Sales Decline by 4.57%
According to data from CryptoSlam.io, a blockchain data aggregator, the NFT market has seen a significant increase in users trading NFTs this week. The number of users buying NFTs has risen by 17.77% to 569,407, while the number of users selling NFTs has increased by 15.82%. However, despite the rise in trading activity, NFT sales volume has decreased by 4.57% this week, totaling $61 million.
Top Traded NFT Collections This Week
Ethereum-based NFT collections have been the most traded this week, with a sales volume of $32 million, followed by Mythos Chains with $9.1 million. Solana-based NFTs rank third with a trading sales volume of $5.5 million. Polygon and Immutable X come in fourth and fifth place with $5.2 million and $3.1 million in sales, respectively.
Top Selling NFT Collections This Week
1. DMarket NFT Collection
The DMarket NFT collection hosted on Mythos Chain blockchains has been the most traded this week, generating a sales volume of $9.1 million and experiencing a 7.01% increase.
2. Bored Ape Yacht Club NFTs
Bored Ape Yacht Club, an NFT collection from Yuga Labs, is the third most traded this week, with a sales volume of $3.4 million. However, it has experienced an 8.42% decrease in sales.
3. DraftKings Reign Makers NFTs
DraftKings Reign Makers, an NFT collection hosted on the Polygon network, ranks second in trading volume this week with $3.1 million in sales. It has seen a 2.47% decrease in sales.
4. Gods Unchained NFTs
The Gods Unchained NFT collection hosted on Immutable X has been the fourth most traded this week, with a sales volume of $2.9 million and a 36% increase from the previous week.
5. Sorare NFTs
Sorare, an NFT collection from Sorare’s fantasy sport cryptocurrency-based video game, ranks fifth in trading volume this week with $2.3 million in sales. Unfortunately, it has experienced a 20.71% decrease in sales.
6. Cryptoadz NFTs
The Cryptoadz NFT collection by digital artist Glemplin has seen a significant spike in sales this week, with a trading volume of $1.6 million and a staggering 6191% increase.
7. Winds Of Yawanawa NFTs
The Winds of Yawanawa NFT collection by Refik Anadol and the Yawanawá community ranks seventh in trading volume this week with $1.4 million in sales.
8. CryptoPunks NFTs
The CryptoPunks NFT collection, now owned by Yuga Labs, ranks eighth in trading volume this week with $1.4 million in sales. It has experienced a 48% decrease in sales.
9. Mutant Ape Yacht Club NFTs
Mutant Ape Yacht Club, an NFT collection from Yuga Labs, ranks ninth in trading volume this week with $1.1 million in sales. It has seen a 3.42% decrease in sales.
10. Koda NFTs
Koda, an NFT collection by Otherside, ranks tenth in trading volume this week with $829,174 in sales. It has experienced a 31% increase in sales.
Hot Take: The Bear Market May Be Ending Soon
Despite recent studies claiming that 95% of NFTs are worthless, the NFT market still holds great potential for a comeback. Similar sentiments have been expressed about Bitcoin over the years, yet it has managed to overcome challenges and thrive. The recent surge of Bitcoin after the SEC’s decision regarding Grayscale’s Bitcoin trust conversion into an exchange-traded fund suggests that positive developments in the crypto market can impact the NFT market as well.
By
By
By
By
By
By