The Resurgence of Non-Fungible Tokens: A Positive Turnaround
Non-fungible tokens (NFTs) have made a remarkable comeback after a period of decline that led many to believe the NFT market was dead. Recent data from CryptoSlam.io, an on-chain market data aggregator, confirms that the global NFT market has experienced positive gains. In the past 24 hours alone, the NFT market recorded a trading sales volume of $11 million, representing a 7.28% increase from the previous day.
NFTs are so back
— OpenSea (@opensea) October 21, 2023
Ethereum remains the most popular blockchain network for NFTs, with Ethereum-based NFT collections being the most traded. However, Mythos Chain-based NFTs have also gained traction. Currently, Ethereum NFTs have seen a 16.44% increase, while Mythos Chain NFTs have experienced a 10.38% decrease in trading volume.
The Top Ten Trending NFT Collections on OpenSea
1. Pudgy Pudgies NFTs
Pudgy Pudgies, created by Luca Nets (the mastermind behind Pudgy Penguins), takes the top spot on OpenSea’s list of trending NFT collections. This fixed set of 888 NFTs has achieved a trading sales volume of 15 ETH in the past 24 hours, with a floor price of 0.04 ETH.
2. Deadmigos NFT Collection
The Deadmigos NFT collection, featuring a limited edition of 9665 hosted on Ethereum, ranks second in the trending NFT list. It has recorded a trading sales volume of 5 ETH in the past 24 hours, with a floor price of 0.01 ETH.
3. Visions Of The Void NFTs
The Visions of The Void NFT collection, consisting of a limited edition of 4,444 NFTs on Ethereum, holds the third position among trending NFT collections. Its trading sales volume in the past 24 hours is 16 ETH, with a floor price of 0.03 ETH.
4. Balthazar raW Pass NFTs
Balthazar raW Pass is an NFT collection featuring a limited edition of 5,555 tokens that grants holders access to the Waller Wars Games. It ranks fourth on OpenSea’s trending list and has achieved a trading sales volume of 15 ETH in the past day, with a floor price of 0.06 ETH.
5. BlockGames Dice NFT Collection
The BlockGames Dice collection offers access to BlockGames and Player Network, making it fifth on the trending list. In the past 24 hours, it has recorded a trading sales volume of 31 ETH and has a floor price of 0.12 ETH.
6. Lil Pudgys NFT Collection
Lil Pudgys, a collection of 22,222 NFTs from the Pudgy Penguins team, ranks sixth among trending NFT collections. Its trading sales volume in the past 24 hours is an impressive 97 ETH, with a floor price of 0.44 ETH.
7. Mutant Ape Yacht Club NFTs
Mutant Ape Yacht Club, created by Yuga Labs (the creators of Bored Ape Yacht Club), secures the seventh spot on the trending NFT list. This collection of 20,000 NFTs has achieved a trading sales volume of 978 ETH in the past 24 hours, with a floor price of 5.03 ETH.
8. Sugartown Oras NFT Collection
Sugartown Oras, developed by web3 gaming firm Zynga, ranks eighth among trending NFT collections. It has recorded a trading sales volume of 45 ETH in the past 24 hours, with a floor price of 0.23 ETH.
9. Nakamigos-CLOAKS NFTs
Nakamigos-CLOAKS is an NFT collection from HiFo Labs that features 20,000 uniquely crafted characters offering worldwide gaming and commercial rights to holders. It ranks ninth on OpenSea’s trending list and has achieved a trading sales volume of 10 ETH in the past day, with a floor price of 0.04 ETH.
10. Azuki Elementals NFTs
Azuki Elementals, launched by the Azuki brand, completes the top ten list of trending NFT collections on OpenSea. In the past 24 hours, it has recorded a trading sales volume of 101 ETH.
Hot Take: The NFT Market Bounces Back
The resurgence of the NFT market indicates a renewed interest and confidence in the space. Despite the previous downturn, NFTs are proving to be a valuable asset once again. With significant trading volume and a diverse range of collections attracting attention, the NFT market seems to have recovered from its slump. It will be interesting to see how this trend continues and whether NFTs will maintain their position as a prominent investment opportunity in the digital world.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.