The State of NFTs: A Market Resurgence
The non-fungible token (NFT) market, which experienced a significant downturn in recent months, is starting to regain some momentum. Over the past 24 hours, the NFT market has seen a 32% increase in sales volume, according to data from CryptoSlam.io. The global NFT market has recorded $14 million in trading sales volume during this period.
Ethereum-based NFTs remain the most popular, with a trading sales volume of $8.8 million over the past 24 hours. This represents a 45.17% increase compared to the previous day. Ethereum NFTs have consistently dominated the market since their inception.
Meanwhile, digital collectibles hosted on Solana and Bitcoin blockchains are engaged in a competitive battle for dominance. In the past day, Solana NFTs and Bitcoin Ordinals have emerged as the second and third most traded NFTs, generating sales volumes of $1.4 million and $1.3 million respectively.
Top Selling NFT Collections
1. Bored Ape Yacht Club NFTs
The Bored Ape Yacht Club, an NFT collection from Yuga Labs, is currently the most traded collection. It has achieved a trading sales volume of 3,346 ETH in the past 24 hours, with a market cap of $547 million and a floor price of $54,762.
2. Mutant Ape Yacht Club NFTs
The Mutant Ape Yacht Club, another collection from Yuga Labs featuring 20,000 fixed NFTs, is the second most traded collection. It has accumulated a trading sales volume of 1,056 ETH, with a market cap of $201 million and a floor price of $10,337.
3. The Captainz NFTs
The Captainz, an NFT collection from Memeland, has become the third most traded collection. With a limited set of 9,999 NFTs, it has generated a trading sales volume of 516 ETH. The collection boasts a market cap of $100 million and a floor price of $9,985.
4. Blue-chip Azuki NFTs
Chiru Labs’ Blue-chip Azuki collection takes the fourth spot in terms of trading volume. With 10,000 limited NFTs, it has recorded a trading sales volume of 366 ETH. The collection’s market capitalization stands at $93 million, with a floor price of $9,281.
5. Bored Ape Kennel Club NFTs
The Bored Ape Kennel Club is another popular collection from Yuga Labs, featuring 9,602 limited edition NFTs on the Ethereum network. It occupies the fifth position with a trading sales volume of 322 ETH. The collection has a market cap of $33 million and a floor price of $3,454.
6. CryptoPunks NFTs
CryptoPunks, previously owned by Larva Labs but now under Yuga Labs’ ownership, ranks sixth in terms of trading volume. In the past day, it has achieved a trading sales volume of 299 ETH. The collection’s market capitalization is an impressive $846 million, with a floor price of $84,660.
7. DeGods NFTs
DeGods, an NFT collection from Dust Labs, secures the seventh spot with a trading sales volume of 226 ETH. The collection consists of 10,000 limited edition NFTs and has a market cap of $50 million. Its floor price is $5,705.
8. Milady Maker NFTs
The Milady Maker collection by Remilia takes the eighth position, with a trading sales volume of 183 ETH. With a limited supply of 10,000 NFTs, the collection has a market cap of $47 million and a floor price of $4,843.
9. Opepen Edition NFTs
Opepen Edition, created by digital artist Jack Butcher, ranks ninth with a trading sales volume of 168 ETH. The collection features 16,000 limited edition NFTs and has a market cap of $12 million. Its floor price stands at $750.
10. Winds Of Yawanawa NFTs
The Winds Of Yawanawa collection by Refik Anadol in collaboration with the Brazilian Yawanawa community completes the top ten list. It has achieved a trading sales volume of 152 ETH. The collection’s market cap is $12 million, and its floor price is $12,458.
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Hot Take: The Resurgence of NFTs Signals Market Recovery
The recent increase in sales volume and activity within the NFT market indicates a potential recovery after the significant downturn experienced in previous months. With Ethereum-based NFTs leading the way and other blockchain networks like Solana and Bitcoin gaining traction, it is clear that interest in digital collectibles remains strong.
As the market regains momentum, it will be interesting to see how NFTs continue to evolve and whether new collections will emerge as frontrunners in the coming weeks. Despite the volatility and fluctuations, NFTs have proven their staying power and are poised to play a significant role in the future of digital assets.
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.