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The general public is ready to discuss non-fungible tokens (NFTs) once more.
In the previous week, Elon Musk, Joe Rogan, Mark Cuban, and now The Simpsons have all mentioned the term “NFT.” Each of them even delves into discussing the technology, markets, or, in the case of The Simpsons, featuring it in their annual Halloween special.
While this could indicate a resurgence of NFTs (and there is even data to support it), there are significant indicators that a full recovery is still some distance away.
Examining last week’s data, it’s evident that there is an undeniably consistent upward trend in NFTs.
Aside from business profits, everything is on the rise. Global NFT sales have surpassed the US$100 million mark for the first time since mid-August, and Washington sales are at their highest level in nearly four months. This marks the fourth consecutive week of growth in total NFT sales.
We should still pay attention to the number of transactions and the lack of growth in that area. There is newfound confidence among current NFT enthusiasts in acquiring rare items, but beyond that specific group, we observe a lack of spending crypto on NFTs. This should at least temper our expectations.
Currently, a particular group of traders is highly active, specifically those who provide liquidity to the rest of the market. They are presently purchasing rare CryptoPunks, Grail NFTs such as Bored Apes, and NFTs from reputable collections like CryptoEdge, Doodles, SupDucks, and others, showing signs of life. Traditionally, these types of purchases extend to the broader NFT community, fueling short-term mini-runs.
The current market trend is projected to continue for at least the next 13 days until Season 2 of Blur concludes on November 20. The $BLUR token that these traders are farming has risen to US$0.36, firmly reestablishing token farming as an attractive option for Degens.
Last week, Memeland distributed millions of dollars worth of the new $MEME coin to its NFT holders, injecting liquidity into the NFT market. Next up, we can expect $BLUR and Friend.tech airdrops to further ignite the fire, in preparation for the NFT market’s typical January liftoff.
Onwards and upwards, and above all, enjoy collecting. After all, that’s why we’re here.
Check out the charts
- Bitcoin’s $SATS BRC-20 collection has been the highest-selling blockchain collectible of the past week, with sales exceeding US$10.4 million. Controversial? Yes. Still impressive and noteworthy? Yes.
- Sorare’s monumental sale of the Unique Victor Vembanyama NFT last week demonstrates the demand for fantasy sports powered by NFTs. The 1/1 player card fetched 61.18 ETH (US$110,000).
- Bids of up to US$1 million have been placed on several CryptoPunks in the previous week, raising hopes for the continued success of this iconic collection.
- Ethereum NFT sales have surpassed US$70 million this week, representing a 23% increase compared to last week. Wash sales are also declining as merchants earn rewards points for $BLUR.
- Bitcoin has made a strong comeback due to renewed interest in BRC-20 swap platforms and ordinals. Sales have surged by 193%, and the inclusion of significant artists in new art platforms this week could further boost its performance.
- Mythos Chain has thrived even in bear markets and is now proving that it can keep pace with the competition, even in bullish environments. DMarket’s Counterstrike gaming skins still dominate 99% of blockchain sales, with the collection’s sales volume totaling US$7.6 million.
- Don’t be deceived by Solana’s challenging week. Their sales remained strong last week, fueled by the upcoming backpack exchange in Dubai, and continued this week with sales exceeding US$7.3 million.