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NFT

Will Azuki help revive Ethereum’s NFT landscape?

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NFT Sales touched $12 million on the 6th of January, the highest in two weeks.
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Will Azuki help revive Ethereum's NFT landscape?
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  • Ethereum reclaimed the top spot in the NFT market after nearly four weeks.
  • Azuki was perceived to be the primary driver in driving NFT sales on Ethereum.

Ethereum [ETH] non-fungible token (NFT) enthusiasts had something to cheer amidst a rather disappointing phase.

Ethereum flips Bitcoin temporarily

NFT market tracker CryptoSlam stated in an X (formerly Twitter) post, dated the 6th of January, that Ethereum had reclaimed its status as the leading blockchain in terms of NFT sales volume.

The wait was long, as Ethereum flipped Bitcoin [BTC], which had dominated the NFT market lately, after nearly four weeks.

AMBCrypto drilled deeper, observing a notable spike in sales volume in the last two days. We found that sales figures had touched $12 million on the 6th of January, the highest in two weeks.

Source: CryptoSlam

At the time of publication, Ethereum slipped back to the second spot. However, the brief surge grabbed the attention of market observers.

Azuki lifts Ethereum’s NFT market

Azuki, a popular collection, was perceived to be the primary driver in pushing NFT sales on Ethereum upwards.

It all started with Azuki liking and reposting Weeb3 Foundation’s posts on social platform X (formerly Twitter). This sparked rumors of a possible partnership between the two entities.

One particular post that attracted the most eyeballs was linked to anime, with many in the community viewing it as a hint that ANIME was Azuki’s upcoming token.

Note that Azuki launched an anime-themed collection of 20,000 NFTs last year called Elementals. The project, however, got mired in controversy over accusations of duplication.

The latest development raised hopes of the beginning of a solid and credible market for anime brands in the NFT market.

Read Ethereum’s [ETH] Price Prediction 2024-25

The optimism was reflected in a 30% jump in Azuki’s floor price, AMBCrypto noticed using NFT Floor Price’s data. Trading activity for the collection also jumped, boosting overall NFT sales on the Ethereum blockchain.

Source: NFT Price Floor

It remains to be seen if Ethereum, riding on Azuki’s anime push, can reclaim its numero spot.

 

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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