NFT

Base is a silver lining in a struggling NFT market: Here’s why

Base’s increasing number of transactions could be the comeback the NFT market needs. Alongside this, Yuga Labs’ NFTs witnessed a rise, while BAYC and MAYC showed promise as well.

Published

1 year ago

on

  • The NFT market showed renewed activity after a period of decline.
  • Yuga Labs’ Blue-Chip NFTs stood out, while BAYC and MAYC’s collections also showed strong performances.

Over the past several months, the NFT market experienced a notable decline. However, a fresh surge of enthusiasm has emerged, largely driven by the Base protocol. This newfound interest is injecting vibrancy into the NFT market.

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Base comes to the rescue

Data from Parsec Finance revealed a rising trend in Base NFT transactions, particularly notable in the Rainbow World collection, which defied broader NFT market trends. This rise in Base NFTs suggested a potential positive impact on the market.

Conversely, the outlook for PFP NFTs remained somber. PFP NFTs, or profile picture NFTs, witnessed a decline, with the USD market cap of top projects dropping from $5 billion to $2.2 billion, a 56% decrease from the peak in February.

A broader view of NFT activity across marketplaces also revealed a decrement. According to Dune Analytics, NFT trades and volumes fell across major NFT platforms.

This decrement in volume and trade may have broader implications for the NFT sector.

Source: Dune Analytics

What’s cooking at Yuga Labs?

But regardless of the above trends, Blue-Chip NFT collections by Yuga Labs have maintained relatively stable performance. For instance, Bored Ape Yacht Club’s [BAYC] floor price rose by 8.48% last week while its volume increased by 49% in the last 24 hours, according to NFTGO’s data.

Similarly, Mutant Ape Yacht Club [MAYC] exhibited a 14.8% weekly increase in price and a 69% surge in sales over the past 24 hours.

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The growing interest in Yuga Labs’ NFTs might also contribute to the growth of ApeCoin [APE], whose price surged to $1.473. However, Apecoin’s turning network growth indicated a falling interest in transferring APE.

Likewise, its velocity suggested a reduced frequency of APE trading.

Source: Santiment

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