As the broader crypto market witnesses a resurgence following an extended crypto winter, the non-fungible tokens (NFT) market is also indicating signs of a comeback, with the trading volume of several major collections reaching noteworthy highs after months of steady decline.
According to data from Coingecko, the floor prices of the top 15 NFT collections have experienced substantial increases in the last few days, pointing towards a growing demand.
Notably, the floor price of the Bored Ape Yacht Club (BAYC) collection has surged by over 70% in a month, rising from $24.8 in the first week of October to $30.90 on November 13. BAYC’s 24-hour trading volume has also seen a 51% increase today, indicating heightened trading activity across various marketplaces.
Data sourced from Dune Analytics reveals that NFT trading volume across major marketplaces in November has reached the highest figures since July. On November 10, the daily trading volume hit a four-month high, with Blur dominating a significant portion of the trades.
In terms of sales volume, CryptoPunks has taken the lead with a remarkable 373% increase in weekly sales. Bored Ape Yacht Club also saw a 42% uptick in sales.
Overall, weekly NFT sales have surged by over 60% on Ethereum (ETH) and Solana (SOL) networks. Bitcoin’s BRC-20 collections have also witnessed increased demand, with $SATS and $RATS achieving notable sales over the week.
The upward trajectory in sales and trading volumes indicates a positive outlook for the NFT market in Q4, with heightened demand observed across major marketplaces. However, it’s worth noting that the NFT market is still in the process of recovering and remains a fraction of its 2021 peak. If the current positive sentiment persists into the new year, there is potential for further market revitalization.
