Unifred Unifred 04.07.2024

NFT Volume Crosses $123M As Collectors Reignite Interest

On-chain data from the analytical platform CryptoSlam shows that the NFT global sales volume has increased to over $123 million within the past week, representing a 29.5% increase. This metric brings a glimmer of hope to the non-fungible community, especially at a time when the NFT trading activities have generally reduced.

In recent weeks, the NFT market chart has mainly been on a downward spiral, triggering mixed emotions among collectors globally. The recent data, however, puts things in a positive light. CryptoSlam’s data shows more buyers than sellers, indicating that more traders are joining the train. Among the best-performing collections are Polygon-based NFTs, ZYNFT, and ONFA Collections. The BNB Chain-based blockchain game Meeet is also topping the charts with over $590,000 worth of sales.

Commenting on the current NFT market performance, Apollo Crypto’s chief investment officer, Henrik Andersson, said:

“Longer term we believe Bitcoin ordinals will continue to take market share in the NFT space, in particular given the many Bitcoin L2s coming to the market.”

Andersson’s comment indicates that the Bitcoin NFT market will likely lead the next bull run for the ecosystem. He added that the rising Bitcoin layer-2 networks will bring the leading blockchain to the limelight. Known for their speed and cheap transaction fees, L2 networks often generate excitement across the crypto industry. The Apollo Crypto executive believes this excitement will likely drive NFTs to new frontiers.

On the other hand, the NFT market has had applaudable comebacks in the past. Its record from the third quarter of 2023 shows that over $3 billion in sales was recorded. In December alone, the market saw over $1.77 billion in sales volume, the highest since June 2022. This metric influenced the market capitalizations for leading NFT projects like CryptoPunks, BAYC, Pudgy Penguins, and Milady Maker.

Although the market’s overall performance still has some drawbacks, metrics like its current sales volume reassure many NFT traders that the non-fungible market is still active.