Nansen, a blockchain analytics firm, has released a report revealing a significant surge in sales volume of non-fungible tokens (NFTs) over the past five weeks. The report shows that as of November 6, NFT volumes had reached 68,342 ETH, equivalent to over $129 million, compared to 29,704 ETH, or approximately $56 million, the previous month.
Among NFT marketplaces, Blur emerged as the leader, accounting for the largest share of trading volume in the last 30 days. It recorded 171,926 ETH in sales, surpassing its closest competitor, Opensea, which saw 37,765 ETH in sales during the same period.
When it comes to specific NFT series, the Bored Ape Yacht Club (BAYC) topped the charts with a sales volume of 35,226 ETH, equivalent to around $66.7 million. In second place was the Mutant Ape Yacht Club (MAYC), with transactions amounting to 14,947 ETH. The Captainz claimed the third spot with a trading volume of 9,948 ETH.
This data is encouraging for the NFT industry, which has faced skepticism amid broader economic uncertainties. The floor price of popular NFTs has dropped more than 90% from their peak values, as previously reported by CoinChapter.
The sudden rise in NFT sales volume could be attributed to renewed confidence in cryptocurrencies. The recent rally of Bitcoin, Ethereum, and other top cryptocurrencies, fueled by growing excitement over the approval of a Spot Bitcoin ETF, may have had a positive impact on NFTs as well.
The upcoming holiday season may have also contributed to a favorable climate for digital collectibles.
As the data continues to unfold, the NFT community eagerly anticipates the next development in the crypto narrative. With the insights provided by Nansen’s report, stakeholders are better equipped to make informed decisions as they participate in the growth and transformation of the NFT marketplace.