Digital collectible sales are skyrocketing after months of a downtrend. According to blockchain analytics firm Nansen AI, the non-fungible token (NFT) ecosystem has seen a remarkable increase in sales volume in the past five weeks.
Nansen shared a chart on X (formerly Twitter) showing NFTs sales in 30 days.
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
According to Nansen’s data, the lowest NFT sales were recorded on October 9th when the digital collectible space recorded only 29,704 ETH in sales, worth $56 million at current market figures.
However, this figure has since spiked to 68,342 ETH on November 5th, putting the sales value in fiat at a sizable $129 million.
Per Nansen’s data, the leading marketplace for digital collectibles is Blur NFT. The new generation digital collectible shopping platform generated as much as 171,926 ETH (upwards of $305 million plus) of the total volume recorded within 30 days.
During the same 30-day period, OpenSea, a major player in the NFT ecosystem, recorded a sales volume of 37,765 ETH (less than $100 million). This placed OpenSea second in the market, behind Blur NFT.
NFT volume over the past 5 weeks:
W/C Oct 9th: 29.7k ETH
W/C Oct 16th: 36k ETH
W/C Oct 23rd: 47.3k ETH
W/C Oct 30th: 56.7k ETH
W/C Nov 5th: 68.6k ETH@blur_io accounted for 171,926 ETH of this volume compared to Opensea which was 37,765 ETHWhat will next week bring?
— Nansen 🧠(@nansen_ai) November 6, 2023
Nansen blockchain analytics firm has not been the only one tracking events in the digital collectible ecosystem. NFT insights platform NFTGo has also released a set of impressive NFT trading activities across the industry.
According to a tweet on X, NFTGo stated that several blue-chip digital collectibles saw their bearish situation change in October.
NFTs like Bored Ape Yacht Club (BAYC), Azuki, Pudgy Penguins, The Captainz, Memeland, and Meebits NFTs saw an increase of 11% within the tenth month of the year.
In the past few months, blue-chip collections had small fluctiations. In Uptober, they increased by about 11%.@BoredApeYC began its current uptrend on Oct 19.@Azuki, @pudgypenguins, The Captainz by @Memeland, and @MeebitsNFTs fluctuate between 1 to 6 ETH. pic.twitter.com/DTPRqoAxny
— NFTGo (@nftgoio) November 1, 2023
Like always, the BAYC collection led the ranks. The ape-like collection had an Ether trading volume of 35,226 ETH, worth around $66.5 million in October.
The Mutants Ape Yacht Club (MAYC) followed a distant second with 14,947 ETH recorded, while The Captainz rounded up the top three ranks with 9,948 ETH made in sales.
These NFTs maintained an average price range of 4 to 6 ETH to enjoy a phenomenal change in their fortunes.
Notably absent from the lineup of top brands was the CryptoPunks NFT collection. The pixelated punk collectible offerings posted a sales volume of 5,7773 ETH within the last 30 days.
However, it maintained its position as the most valuable NFT brand in terms of market capitalization.
NFT Winter Over?
While October represented a resurgence for cryptocurrencies like Bitcoin and Ethereum, digital collectibles have also changed fortunes.
According to an NFT market overview, the JPEG-powered blockchain assets recorded a 15.2% increase in total trading volume. This percentage increase led to inflows of over $427 million in October alone, compared to September.
Meanwhile, the total transaction count still stood at 1,039,735, denoting that the broader market’s bullish momentum saw an increase in the value of individual collectible assets.
​​https://twitter.com/0xxNathan/status/1720661687538524599
Additionally, there was an increase in the number of unique NFT users in October. This figure stood at 15.2%, with the total unique users at 281,359 compared to the previous month.
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