NFT Trading Volume Sees Consistent Rise
The NFT market, which experienced a prolonged period of decline, is now showing signs of a comeback. Recent data reveals that the weekly trading volume of NFTs has been steadily increasing over the past five weeks.
The lowest point was recorded during the week ending on October 9th, with a volume of 29.7k ETH. However, there has been a steady rise since then, with the second week seeing 36k ETH, followed by further increases in subsequent weeks. By the week ending on November 6th, NFT sales volume had surpassed 68.3k ETH.
Among the NFT marketplaces, Blur accounted for the largest share of this volume with 171,926 ETH, while Opensea recorded 37,765 ETH in sales.
Ethereum Leads in Trading Volume
Ethereum continues to dominate in terms of trading volume, experiencing a significant 50% increase. Immutable X ranks second with $22 million in trading volume, driven primarily by Gods Unchained, Cross the Ages, and Illuvium.
While Ethereum witnessed growth, other blockchain networks saw a decline in their sales volume. Polygon, Starkware, and Flow experienced drops of 48%, 42%, and 32%, respectively.
Solana stands out as a blockchain network that has made a comeback after previous setbacks. In October, NFT trading volume on Solana increased by 15%, securing its position as the fifth highest-ranking network. Additionally, newcomer zkSync Era saw an impressive surge in NFT trading volume of 88% within the past month.
Hot Take: NFT Market Shows Signs of Recovery
The NFT market has faced significant challenges in recent times, but there are now positive signs of recovery. The weekly trading volume of NFTs has been steadily increasing over the past five weeks, indicating renewed interest in this sector. Ethereum continues to lead in terms of trading volume, while Solana and zkSync Era have shown remarkable growth as well.
Despite the overall increase in trading volume, the number of NFT sales has decreased slightly. This suggests that while there is increased activity, it may be driven by higher-value transactions rather than a surge in the number of individual sales. Nevertheless, the revival of the NFT market bodes well for its future prospects.
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