The NFT Market Shows Signs of Recovery After Recent Crash
The non-fungible token (NFT) market is slowly recovering from a recent crash that caused a significant drop in the value of NFTs. However, there are positive signs of a partial recovery in the coming weeks.
Key Points:
- NFT sales have fallen 13% in the past week, with a trading volume of $83 million.
- The number of NFT buyers has increased by 21% compared to the previous week.
- Ethereum-based NFTs are the most traded, followed by Solana-based and Polygon-based NFTs.
- Bitcoin ordinals have recorded a trading volume of $2.5 million, representing an 18% spike.
- The Ethereum network has the highest number of wash trades, followed by Solana and Polygon.
Hot Take:
Despite the recent crash, the NFT market is showing resilience and signs of recovery. The increase in NFT buyers and the spike in Bitcoin ordinals sales indicate growing interest in the market. While there are challenges such as wash trading, the overall outlook for the NFT market remains positive.
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