Nansen’s Report Reveals Surging NFT Sales Volume Amid ETF Hype

Nansen's Report Reveals Surging NFT Sales Volume
Nansen’s Report Reveals Surging NFT Sales Volume Amid ETF Hype

YEREVAN ( — Nansen, a blockchain analytics firm, reported a sharp rise in non-fungible token (NFT) sales in the last five weeks. As of Nov. 6, the NFT volumes had reached 68,342 ETH (worth over $129 million) versus 29,704 ETH (~$56 million) last month.

Blur, an NFT marketplace, stood out as the winner, logging the maximum share of trading volume over the last 30 days. It accounted for 171,926 ETH in sales, overshadowing its closest competitor, Opensea, which recorded 37,765 ETH sales in the same period.

NFT sales volume performance in recent weeks
NFT sales volume performance in recent weeks. Source: Nansen

The Bored Ape Yacht Club (BAYC) NFT series topped the charts with 35,226 ETH (~$66.7 million) in sales volume. Following in second place was the Mutant Ape Yacht Club (MAYC), with transactions amounting to 14,947 ETH. The Captainz claimed the third spot, with 9,948 ETH in trading volume.

The data was an encouraging sign for the NFT industry, which has faced skepticism amidst broader economic uncertainties. For instance, the floor price of most popular NFTs has dropped more than 90% from their peak values, as CoinChapter covered earlier.

What is NFT Sales Rising Suddenly?

The rise in sales volume could be attributed to a restored confidence in cryptocurrencies. Bitcoin, Ethereum, and other top cryptocurrencies have rallied recently due to a growing Spot Bitcoin ETF approval euphoria. It seems NFTs are also cashing on the optimistic trend.

Crypto market performance throughout 2023
Crypto market performance throughout 2023. Source: TradingView

In addition, the incoming holiday season may have created a favorable climate for digital collectibles.

As the data unfolds, the NFT community watches with anticipation, ready to adapt to the next twist in the crypto narrative. With Nansen’s insights, stakeholders are better equipped to make informed decisions as they partake in the NFT marketplace’s growth and transformation.

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