NFT Sales Volume on the Rise, Reaching $129 Million
The sales volume of nonfungible tokens (NFTs) has been steadily increasing, according to blockchain analytics platform Nansen. In the week ending on October 9th, NFT sales reached 29,704 ETH, equivalent to around $56 million at current market prices. The weekly sales volume continued to rise until it hit 68,342 ETH, worth over $129 million.
Blur Tops NFT Trading Volume
Over the past 30 days, NFT marketplace Blur had the highest share of trading volume. Data aggregator NFTGo reported that Blur recorded a trading volume of 161,433 ETH (approximately $305 million). OpenSea secured the second spot with a trading volume of 52,307 ETH, valued at around $100 million.
Bored Ape Yacht Club Leads in NFT Collections
The Bored Ape Yacht Club (BAYC) emerged as the leading NFT collection in terms of trading volume over the past month. BAYC recorded a volume of 35,226 ETH (about $66.7 million). Following closely were Mutant Ape Yacht Club (MAYC) with 14,947 ETH and The Captainz with 9,948 ETH.
CryptoPunks Maintains Top Spot in Market Capitalization
CryptoPunks remained the top collection in terms of market capitalization; however, its trading volume in the last month was only 5,773 ETH.
Increase in NFT Traders Despite OpenSea Layoffs
In the last seven days, there has been a 12% increase in NFT traders. The number of buyer addresses reached 22,804, while sellers amounted to 27,308. The number of wallets holding NFTs remained around six million. These statistics come at a time when NFT marketplace OpenSea recently laid off half of its staff in preparation for the launch of its second version.
Hot Take: NFT Sales Surge Despite Market Challenges
Despite the challenges faced by the NFT market, such as layoffs at OpenSea, sales volume continues to surge. The recent increase in weekly sales volume indicates a growing interest in NFTs among buyers and collectors. With Blur leading in trading volume and Bored Ape Yacht Club dominating NFT collections, it is evident that certain projects are capturing the attention of the market. As more traders enter the NFT space, it remains to be seen how this sector will evolve and adapt to changing market conditions.
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