Are non-fungible tokens (NFTs) really back this time, or are they just dressing up as a bull for Halloween?
Life seems to have returned to NFTs, both in sales and in the way people are talking about them. Fueled by Bitcoin’s mega bullish ‘Uptober’, fantastic art sales in NFTs, Blur’s announcement of the end date of Season 2 rewards, and traders pulling back from social finance (SoFi) platforms, these events are driving traders back to NFTs.
Friend.tech had kept traders busy for the past two months but is now struggling to keep their attention, with core trading volume falling dramatically since security concerns were reported by the community in early October. Once users had a reason to look elsewhere for their epee needs, they immediately returned to NFTs and other SoFi platforms like Stars Arena and New Bitcoin City.
But NFT activity really started to pick up again on October 9 when Blur announced November 20 as the end of the points reward for farming. The market got a few extra boosts on October 16 from fake Bitcoin ETF approval news, followed by tangible reports on October 20 that ETF approvals were imminent.
NFTs are following the news, and a steady stream of positive stories is giving the market a serious boost.
In the past week, that momentum has caused several NFT collections like Michelin and Trip.com to sell out of their primary sales, a nearly impossible feat in the bear market. Equally impressive are Zynga’s SugarTown Oras, which retained the value of their NFTs after their art was revealed. If you’re active in NFTs, you know how rare this is.
That same momentum spread to the global NFT markets.
Last week marked the second week in a row of higher sales in NFTs, something we haven’t seen since early August. Sales are up 25% from the low of $55 million two weeks ago, and almost all figures showed a similar increase. In fact, laundry sales topped $33.5 million, the highest weekly total since $53.9 million the week of August 14, and a 99% increase from $16.9 million in the week of August 14. week of October 2.
Last week’s sales represent a five-week high for the NFT market, closing with $11.1 million in sales on Friday, the highest day of global NFT sales since September 20.
However, some caution is required among NFT traders. If the NFT market is largely on the move due to Bitcoin’s Uptober, you should be aware that in four of the past five years, the price of $BTC fell in November.
But even if Bitcoin fails, we’re poised for a big year in the blockchain in 2024, with traders showing us that they’re still very active, engaged, and ready to turn on the trading taps right away. news.
NFTs aren’t back yet, but the hot crypto market will soon see a thaw.
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- DMarkt is once again the king of NFTs with sales of over $9.2 million, mostly from Counterstrike gaming skins.
- Gods unleashed saw a 46% increase in transactions as hype built ahead of the highly anticipated launch of Season 2 on October 25.
- $SATS BRC-20s saw big sales this week, including Bitcoin’s top Ordinals sale this week, a $47,000 bundle selling October 20.
- Winds of Yawanawa remains a powerful art collection and 10% of its $2.2 million weekly sales go to the Yawanawa Tribe as royalties.
- The Captainz 9gag’s NFTs are on fire this week, with sales up 230% and transactions up 186%, as collectors look to get in on their upcoming $MEME coin campaign.
- Ethereum is green across the board, crossing the $40 million threshold for the first time in five weeks.
- Mythos chain once again sees 99% of its volume coming from gaming skins on DMarket.
- Solanas Solcasino gambling platform traded for over $989,000, putting the blockchain in third place, well ahead of the rest.
- Bitcoin may be poised to recover faster than other chains, with $BTC being the focus of investors around the world, and mass adoption of the blockchain likely to come via Bitcoin.
- Panini is in the top ten this week with sales volume up more than 303%, thanks to the red-hot NFL NFT trading action.