- NFT volume for the past five weeks has been steadily increasing after bottoming on the 9th of October.
- ETH’s volume increased, while both SOL and MATIC’s sales volume surged last week.
The NFT ecosystem has witnessed a drop in popularity over the last few months. This happened after the NFT market boomed, causing sales and volume to drop. However, the good news is that the market is now showing signs of recovery at a time when the crypto market has also remained slightly bullish.
The NFT market is finally recovering
Nansen recently posted a tweet highlighting the fact that the NFT market is once again gaining momentum. As per the tweet, NFT volume for the past five weeks has been steadily increasing.
The bottom was the week ending on the 9th of October 2023, where NFT weekly volume was 29,704 ETH. However, almost a month later, NFT sales volume reached 68,342 ETH.
NFT volume for the past 5 weeks has been steadily increasing ?
The bottom was the week closing 9th Oct, where NFT weekly volume was 29,704 ETH, compared to last week, week ending Nov 6th, NFT sales volume reached 68,342 ETH
Slowly then suddenly…?https://t.co/SOlhKZezmO pic.twitter.com/420fiRYw9e
— Nansen ? (@nansen_ai) November 6, 2023
As the NFT market’s popularity started to increase, CryptoDep, a popular X (formerly known as Twitter) handle that posts updates related to the crypto space, revealed the top NFT projects by social activity.
The tweet data revealed that FLOKI, VRA, GMT, and SAND were the top 4 NFT projects by social activity as of the 6th of November.
⚡️TOP #NFT Projects by Social Activity
6 November 2023$FLOKI $VRA $GMT $SAND $BLUR $TLOS $NAKA $TVK $OPUL $XCAD pic.twitter.com/rrqjlLS7Lg— ?? CryptoDep #StandWithUkraine ?? (@Crypto_Dep) November 6, 2023
Ethereum NFTs are also growing
While the market grew, it seemed obvious that Ethereum [ETH], which is the largest player in the sector, must have also witnessed growth.
After a look at metrics, AMBCrypto found out that ETH NFTs did register growth. As per Dune’s data, ETH NFTs’ daily volume has been on the rise.
Source: Dune
Not only did the blockchain’s daily volume rise, but its trade counts also increased over the past few weeks.
Thanks to these, it was evident that the blockchain’s number of NFT traders also followed a similar growing trend since mid-October 2023.
While metrics revealed growth, let’s have a look at which collections contributed the most toward this uptick.
As per DappRadar, CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club were the top NFTs on the ETH blockchain in the last 24 hours. Apart from these three, CrypToadz and The Captainz also made it to the top five on the same list.
Polygon and Solana NFTs are following a similar trend
Apart from Ethereum, Polygon [MATIC] and Solana [SOL] are two other top blockchains in the NFT ecosystem. AMBCryptos’ analysis revealed that these two blockchains also witnessed growth.
For instance, Solana NFTs’ sales volume increased by 9% over the last week. Its total number of buyers and sellers went up by 24% and 30%, respectively.
However, it was surprising to note that despite the hike in sales volume, total transactions of Solana NFTs dropped by 23% during the same period.
Source: CRYPTOSLAM
Similar to Solana, Polygon’s sales volume also spiked by over 8%. While its number of buyers increased by 23%, its number of sellers rose by 14%. But, unlike Solana, Polygon’s total transactions also spiked by 12% last week, as per CRYPTOSLAM.
The blockchain’s total trade counts also increased along with its total trade volume in USD. Interestingly, both of these metrics spiked substantially on the 6th of November 2023.
As per Santiment, Solana’s chart also looked similar to that of Polygon over the same period.
Source: Santiment
Bitcoin is also not behind
Bitcoin [BTC], which is one of the newest to enter the NFT ecosystem, was also not left behind in this recent surge.
The blockchain’s ordinals gained immense popularity right from their inception. However, as the hype around NFTs dropped, Ordinals’ metrics also plummeted.
Thankfully, the trend is changing once again.
AMBCrypto found out that the number of daily Ordinals gained upward momentum since the 25th of October, reflecting BTC NFTs’ growth. Among all others, text-type Ordinals had the highest share, followed by image-type Ordianls.
Source: Dune
A quick look at crypto prices
While the aforementioned blockchains’ NFT space performance looked promising, the state of those cryptos’ prices was interesting to note.
For example, top cryptos like BTC and ETH’s growth momentum seemed to have slowed down. This was evident from the fact that BTC and ETH prices only moved up by 0.2% and 0.8% in the last 24 hours, respectively.
According to CoinMarketCap, at the time of writing, BTC was trading at $34,890.35, while ETH had a value of $1,890.45.
Read Bitcoin’s [BTC] Price Prediction 2023-24
This was not the case with MATIC and SOL, as their prices spiked by 3% and 45% during the same period.
At press time, SOL was trading at $41.44 with a market capitalization of over $17.4 billion, making it the seventh largest crypto. On the other hand, MATIC had a value of $0.7284 and a market cap of $6.7 billion.
