Daily NFT Trading Volume Hits Three-Month High
On Monday, the daily trading volume for non-fungible tokens (NFTs) reached a three-month high, with $19.1 million worth of NFTs being traded. This information comes from public blockchain data compiled on a Dune dashboard by analyst Hildobby. The Bored Ape Yacht Club (BAYC) co-founder Wylie “Gordon Goner” Aronow contributed significantly to this figure by purchasing an expensive CryptoPunks NFT, making it the largest purchase of the day.
BAYC creator Yuga Labs acquired the intellectual property of CryptoPunks in March 2022, and Aronow bought CryptoPunk #7458 for 600 ETH ($1.1 million) on the secondary market. The NFT-focused analytics platform, CryptoSlam, recorded $3.6 million worth of CryptoPunks sales on Monday.
NFT Market Surge
The surge in trading volume coincided with a segment on “The Simpsons” that made fun of the NFT industry. This episode inspired several popular knockoff NFT collections, resulting in millions of dollars in sales on Monday. Before “The Simpsons” aired, NFT trading volumes had already increased by 32% from the previous month in October.
However, despite the exposure to mainstream viewers due to “The Simpsons”, pseudonymous Proof Director of Research Punk9059 noted that not many new entrants have been buying NFTs lately.
Blur and OpenSea
In October, NFT trading volume became more concentrated on Blur, overtaking OpenSea earlier this year. By the end of the month, Blur accounted for 73% of total NFT trading volume while OpenSea commanded an 18% share.
NFT Market Outlook
Even though NFT trading volumes may have enjoyed a bump from “The Simpsons”, the market is still in the doldrums compared to its previous period of maximum hype. At its peak in April 2022, weekly trading volumes totaled $1.4 billion, but last week saw just $98 million worth of NFTs being traded.
Hot Take: Navigating Through Volatility
The surge in daily NFT trading volume is a clear sign that there is still considerable interest and activity within the market despite challenges and fluctuations caused by mainstream media portrayals such as “The Simpsons”. The increase in trading volume has also shed light on the dominance of platforms like Blur and OpenSea and how they are driving market dynamics.
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