The Ever-Changing NFT Market
The sales volume of non-fungible tokens (NFTs) fluctuates daily, making it unpredictable. Today, the 24-hour sales volume has increased by 4.55% to $36,306,092, according to CryptoSlam. However, both buyers and sellers have decreased by 9% and 5%, respectively, and transactions have fallen by 10% to 324,142. The top performers among the top 10 collections based on sales volume are Froganas (+120%) and Pudgy Penguins (+96%). On the other hand, CryptoPunks (-22%) and Gas Hero Common Heroes (-21.7%) are experiencing a decline in sales.
Cardano NFT Trading Volume Rises
Cardano has entered the top blockchains in terms of NFT trading volume. However, like most blockchains in the past 24 hours, it is mostly in the red. Sales have decreased by 19% to $117,127, while buyers have increased by 13%. When looking at the top 10 chains based on sales volume, only Flow, Solana, and Ethereum are experiencing growth. Cardano NFTs currently rank 11th in terms of weekly volume, with a decrease of 25% to $1,202,929. Among the top 10 chains in this period, Solana has seen the highest increase in volume at 43%, followed by Ethereum’s 23% and Arbitrum’s 6%. All other chains have experienced a decrease.
Ethereum Sets Record for NFT Volume
Ethereum’s NFT market recorded its highest trading volume since June last year. On January 18th, trading volume reached $42.7 million for the first time since June. Since the beginning of this year, the second-highest daily volume was $32.52 million. Although the trading volume has decreased since Thursday, it remains at higher levels compared to previous weeks and is on par with December last year. The weekly volume has also increased significantly, reaching just below $204 million on January 15th. Marketplaces such as Blur and OpenSea have dominated the NFT market.
NFTs Gain Traction in Corporate America
Despite the decline in NFT markets compared to two years ago, Corporate America is finding ways to utilize NFTs for marketing purposes. Companies like MasterCard, Coca-Cola, Starbucks, and Lufthansa have all incorporated NFTs into their branding strategies. Sneaker companies such as Nike, Adidas, and Puma have launched their own collections. These tokens are often used through loyalty programs and may not contribute to volume on NFT marketplaces. However, they serve as advertising tools and allow individuals to showcase their achievements publicly.
Hot Take: NFTs Continue to Evolve in Various Industries
The world of non-fungible tokens continues to evolve and find new applications in different industries. While the sales volume of NFTs may fluctuate daily, there are still opportunities for growth and innovation. Cardano’s entrance into the top blockchains by trading volume demonstrates its potential in the NFT market. Furthermore, Ethereum’s record-breaking volume indicates a sustained interest in NFTs. Additionally, Corporate America’s adoption of NFTs for marketing purposes highlights the versatility of these digital assets. As more industries explore the potential of NFTs, we can expect further advancements and integration in the future.
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