Major NFT Collections Experience Surge in Demand and Trading Volume
Following a prolonged period of decline, the crypto market is rallying, and the non-fungible tokens (NFT) market is showing signs of a comeback. The trading volume of several major collections has reached significant highs, indicating an increase in demand.
Coingecko data reveals that the floor prices of the top 15 NFT collections have soared in recent days. For instance, the floor price of the Bored Ape Yacht Club (BAYC) collection has increased by over 70% in a month, reaching $30.90 on Nov. 13 from $24.8 at the start of October. BAYC’s 24-hour trading volume has also risen by 51%, indicating increased activity across marketplaces.
The Captainz collection from Memeland saw its 24-hour trading volume surge by over 680%. Data from Dune Analytics also indicates that NFT trading volume across major marketplaces in November reached a four-month high.
CryptoPunks led the way in terms of sales volume, with a 373% increase in weekly sales, while BAYC recorded a 42% increase. Overall, weekly NFT sales surged by over 60% on Ethereum (ETH) and Solana (SOL) networks, with increased demand also seen on Bitcoin’s BRC-20 collections.
NFT Market Poised for Positive Q4 Amid Increased Demand and Trading Activity
The surge in sales and trading volumes suggests a promising outlook for the NFT market in Q4, with growing demand across all major marketplaces. However, despite these positive developments, the non-fungible tokens market still falls short of its 2021 peak. If this upward trend continues into the new year, there may be further revival of the overall market.
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