Journalist
Posted:
- The total number of transactions increased by 20.69% in just 30 days
- Traders made $14.19 million in profits last month, the most since May 2022
Encouraging signs emerged from the non-fungible token [NFT] market recently, raising hopes that the once-famous Web3 vertical would mimic cryptos’ growth trajectory and usher in a bull market.
Defrost NFT winter?
AMBCrypto approached Cryptoslams data and discovered sales worth over a billion in the past month, representing a growth of a whopping 92.11%.
Moreover, the total number of transactions increased by 20.69% to 8.1 million over the past 30 days. In fact, the last three days have seen higher sales than any other three-day stretch since August.
Source: Cryptoslam
Furthermore, the number of unique buyers has consistently exceeded the number of unique sellers over the past month and a half. This highlighted the increasing demand for this range of Web3 products.
Traders who realize higher profits
A possible explanation for the spike in interest rates was the profit realized on each transaction. NFT traders walked away with $14.19 million in profits last month, the highest since May 2022. The prospect of such profits led many traders to invest their capital in the NFT market.
The uptick in trading activity came like a ray of sunshine after a long and bitter NFT winter. As you can see, NFT sales have fallen since their peak of $1.2 billion in February. The decline accelerated in the second and third quarters. In fact, sales in September were just $300 million, the lowest since the NFT bull market of 2021 and early 2022.
Bitcoin and Solana are lifting the NFT sector
Perhaps the growth engines were Bitcoin [BTC] and Solana [SOL], with both recording a fourfold increase in sales last month. In fact, at the time of writing, BTC was the network with the highest NFT sales volume, followed by traditional leader Ethereum. [ETH] and Solana in third place.
Source: CryptoSlam/Bitcoin NFTs
The 24-hour rankings were dominated by collections from the aforementioned networks. While the BRC-20 NFTs took the top two spots, Mad Lads played a key role in boosting Solana’s NFT market.
Mad Lads, a collection of 10,000 unique profile photo (PFP) NFTs, has exploded 509% in the past month. It’s safe to assume that Mad Lads has served to soften the fallout from the departures of y00ts and DeGods, previously two of Solana’s most popular collections.