NFT Weekly Sales Surge Amid Market Challenges, Blur and BAYC Leading in Trade Volume
Summary:
Blockchain analytics firm Nansen reports a steady rise in weekly Ether sales (ETH) for Nonfungible tokens (NFTs), with marketplaces Blur and OpenSea leading in trading volume. Bored Ape Yacht Club (BAYC) had the highest trading volume amongst all NFT collections. Despite a thriving trade volume, CryptoPunks' trade volume remained low despite it having the highest market capitalization. The increase in NFT trading volume occurred amid negative market news, such as OpenSea laying off half its staff.
A consistent rise in the weekly Ether (ETH) sales volume for Nonfungible tokens (NFTs) has been reported by the blockchain analytics firm Nansen. Nansen shared via X (previously Twitter) that NFT sales stood at 29,704 ETH, equivalent to approximately $56 million given the current ETH market rates, for the week closing October 9. Subsequently, there was a weekly growth in the sales volume, peaking at 68,342 ETH, representing over $129 million.
In the past month, Blur, an NFT marketplace, took the lion's share of the NFT trading volume. As per NFTGo, a data aggregator, Blur registered a trading volume of 161,433 ETH, which translates to around $305 million, in the past 30 days. OpenSea, a competing marketplace, trailed in second place with a trading volume of 52,307 ETH, or approximately $100 million.
In regard to NFT collections, Bored Ape Yacht Club (BAYC) saw the greatest trading volume over the last 30 days. The BAYC collection recorded a volume of 35,226 ETH, namely around $66.7 million. This was followed by the Mutant Ape Yacht Club (MAYC) with 14,947 ETH, and The Captainz with 9,948 ETH.
Despite holding the highest market capitalization, CryptoPunks only saw a trading volume of 5,773 ETH in the past 30 days. Beyond this, data from NFTGo revealed a 12% rise in NFT traders over the last week, with buyer addresses amounting to 22,804 as compared to 27,308 seller addresses. However, the total tally of wallets possessing NFTs remained near six million.
Interestingly, this surge in NFT trading volumes coincided with perceived negative news for the NFT market. NFT marketplace OpenSea, on November 3, dismissed half of its workforce in anticipation of the launch of its second version. Magazine: A $145M exchange scandal in Australia, Bitget ranking fourth, China revokes NFT prohibition: Asia Express.
Published At
11/6/2023 12:25:00 PM
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