- There has been an increase in demand for Ethereum-based NFTs.
- Overall NFT trading activity has accelerated over the past month.
The Ethereum [ETH] The non-fungible token (NFT) market saw a significant increase in trading activity on December 3, reaching a daily transaction volume of $34.786 million.
This marks the highest daily volume for NFTs minted on the Ethereum network since June 29, according to data from a Dune Analytics dashboard from Hildobby.
Investors are increasingly snapping up digital collectibles
After a prolonged period of low interest in this asset class, there has been a significant increase in NFT trading activity over the past month.
At the time of writing, the overall market cap of NFT was $8.7 billion. Dates of NFTGo showed that it has grown by more than 48% in the last 30 days due to the surge in demand for NFTs.
Information from the data provider showed that the last time the NFT market cap was this high was in June.
Similarly, NFT sales volume last month reached $585 million, growing 110%.
Therefore, the increase in daily trading volume on Ethereum reflects the overall growth in NFT trading activity over the past month.
Source: NFTGo
In November, the sales volume of Ethereum-based NFTs reached $348 million. This represented a 108% month-on-month (MoM) growth from the $167 million recorded in October.
AMBCrypto found that this was the first time since February that Ethereum would record a MoM increase in NFT sales volume.
In February, the chain recorded monthly sales volume of $949.49 million. However, as sentiments deteriorated in the first and second quarters of the year and investors moved away from speculative asset classes, NFT trading activity plummeted.
Between February and October, NFT sales volume on Ethereum fell 82%, data shows CryptoSlam showed.
Source: CryptoSlam
There’s a catch
Interestingly, despite the surge in overall NFT trading activity on the Ethereum network, the rock bottom prices of the leading projects, Bored Ape Yacht Club (BAYC) and CryptoPunks, have fallen over the past month.
At the time of writing, an NFT from the BAYC collection cost 30.15 ETH, down 6% since November 10.
Realistic or not, here it is The market cap of ETH in BTC terms
Market participants have benefited from the steady decline in BAYC’s floor price, with sales volume increasing by more than 50% over the past month.
As for the CryptoPunks collection, the floor price has also fallen 3% since November 13, according to data from NFT price floor.