Large NFT collections are seeing demand increase as sales and trading volume increases across networks.
While the crypto market rebounded after a prolonged crypto winter, the non-fungible token (NFT) market is also signaling a comeback, with trading volume of several major collections notching significant highs after months of steady decline.
NFT markets are rising again 🔥
Here’s all the bullish news you need to know
In 4 minutes or less 👇 pic.twitter.com/GuZM6X2zQu
— Bankless (@BanklessHQ) November 12, 2023
According to Coingecko data, the rock bottom prices of the top 15 NFT collections have increased significantly in recent days, demonstrating increasing demand.
Most notably, the bottom price of the Bored Ape Yacht Club (BAYC) collection has increased by more than 70% in a month, from $24.8 in the first week of October to $30.90 on November 13. BAYC’s 24-hour trading volume is also up 51% today, showing increased trading across various marketplaces.
TOP NFTs | Source: CoinGecko
The 24-hour trading volume of Captainz, a popular collection from Memeland, has increased by more than 680% since yesterday.
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Data from Dune Analytics shows that NFT trading volume across major marketplaces in November recorded the highest numbers since July. On November 10, daily trading volume reached a four-month high, with Blur accounting for the lion’s share of trades.
NFT trading volume on major marketplaces | Source: Dune
In terms of sales volume, CryptoPunks led the way with a 373% increase in weekly sales. BAYC also recorded a 42% increase in sales.
Overall, weekly NFT sales increased by more than 60% on Ethereum (ETH) and Solana (SOL) networks. Bitcoin’s BRC-20 collections also saw demand increase, with $SATS and $RATS posting notable sales over the past week.
Blockchains by NFT Sales Volume | Source: CryptoSlam
Rising sales and trading volumes indicate a positive fourth quarter for the NFT market, with increased demand across all major marketplaces. However, the non-fungible token market is still a shadow of its 2021 peak. If positive sentiment continues throughout the new year, we could see the overall market revive to some extent.
Read more: Blur token skyrockets as NFT sales cross $10 million mark