NFT

NFT Market Revival Begins Amid Booming Sales and Floor Prices

NFT Market Revival Begins Amid Booming Sales and Floor Prices

YEREVAN (CoinChapter.com) — Nonfungible tokens (NFTs) experienced a significant increase in weekly sales volume in late 2023. Blockchain analytics firm Nansen reported that NFT sales in early October 2023 were 29,704 ETH, approximately $56 million.

However, these figures grew steadily, reaching 68,342 ETH, or over $129 million, by the week ending Nov. 6.

NFT sales volumes have grown over the past weeks.

The NFT market started showing signs of revival last month. In another post on Oct. 24, Nansen announced a nearly 40% rise since September.

“NFT volume is at its highest since the end of August and is 38% higher than the lowest week in September. The market euphoria isn’t just happening to BTC, ETH, SOL and many other coins… but also NFTs,”
the analytics firm wrote.

Fight of the NFT marketplaces: OpenSea Loses Title to Blur

According to Nansen’s data, NFT marketplace Blur accounted for most of the trading volume over the last 30 days. With 161,433 ETH, or about $305 million, it surpasses its rival, OpenSea. The latter recorded a trading volume of 52,307 ETH or around $100 million.

Blur has overtaken OpenSea in terms of NFT sales volume in recent weeks. Credit: Nansen Analytics

Meanwhile, floor prices of blue-chip NFT collections have also experienced a substantial surge in the past few weeks. This indicates a growing demand for digital collectibles following the earlier slumps.

Bored Ape Yacht Club (BAYC) Registers 200% gains

According to NFT Price Floor data, Bored Ape Yacht Club (BAYC) saw a 33% increase in its floor price within a month. It rose from 24.1 ETH in the first week of October to 32.2 ETH on Nov. 9. At the time of writing, the cheapest APE available in the market is about 29 ETH. Based on today’s Ethereum price, it fetches a value of around $60,000.

Moreover, BAYC’s 30-day trading volume has surged by 216%, reaching the 82,430 ETH mark.

Bored Ape Yacht Club (BAYC) is surging again as investors return to NFTs. Credit: NFT Price Floor

Meanwhile, Crypto Punks, another popular blue-chip NFT, is also regaining lost favor among collectors. Its floor price rose from 41.5 ETH on Oct. 17 to 59.7 ETH on Nov. 13. This marks an over 43% jump in less than a month. The collection’s 24-hour trading volumes have also spiked 469.57%, crossing 421.48 ETH (over $863,000).

With the wider cryptocurrency market recovering from the slump, the NFTs are also returning. Those who held their nerve and brought blue-chip NFTs at low prices may finally reap the benefits of their investments.