Nansen report unveils surge in NFT sales volume amidst ETF frenzyThank you for reading this post, don't forget to subscribe!
YEREVAN (CoinChapter.com) – Blockchain analytics firm Nansen has disclosed significant growth in non-fungible token (NFT) sales over the past five weeks. As of November 6, NFT volume had skyrocketed to 68,342 ETH (valued at over $129 million) compared to 29,704 ETH (~$56 million) in the preceding month.
Blur, an NFT marketplace, has stood out as the victor by recording the largest portion of trading volume in the last 30 days. Its sales encompassed 171,926 ETH, surpassing its closest competitor OpenSea, which recorded 37,765 ETH sales in the same period.
NFT sales volume performance in recent weeks. Source: Nansen
Bored Ape Yacht Club (BAYC) takes the lead in NFT chain sales volume with 35,226 ETH (~$66.7 million). Mutant Ape Yacht Club (MAYC) secured second place with a transaction amount of 14,947 ETH. Captainz claimed third place in trading volume with 9,948 ETH.
The data provided encouraging indications for the NFT industry, which has faced skepticism amid macroeconomic uncertainties. For instance, as previously covered by CoinChapter, the minimum prices of the most popular NFTs have dropped by more than 90% from their peak values.
What is the reason behind the sudden increase in NFT sales?
The surge in sales volume can be attributed to the restored confidence in cryptocurrencies. Bitcoin, Ethereum, and other leading cryptocurrencies have recently experienced a rally due to the growing excitement surrounding the approval of spot Bitcoin ETFs. It appears that NFTs are also capitalizing on this optimistic trend.
Crypto market performance throughout 2023. Source: Trading View
In addition, the upcoming holiday season may have created a favorable environment for digital collectibles.
As the data is unveiled, the NFT community eagerly watches, prepared to adapt to the next twist in the crypto narrative. With Nansen’s insights, stakeholders are better equipped to participate in the growth and evolution of the NFT marketplace, as well as make well-informed decisions.