November NFT frenzy: sales hit $129 million, blur NFT dominates

November NFT frenzy: sales hit $129 million, blur NFT dominates

user avatar

by Liza Tanasova

3 years ago

Digital collectible sales have seen a significant upswing following a prolonged downtrend. In the past five weeks, the NFT (non-fungible token) ecosystem has experienced a remarkable surge in sales volume, according to blockchain analytics firm Nansen AI.

Nansen AI presented a chart on Twitter revealing the trend in NFT sales over a 30-day period. On October 9th, the NFT market hit its recent low, recording a weekly sales volume of 29,704 ETH, equivalent to $56 million at current market values. However, as of November 6th, NFT sales volume had surged to 68,342 ETH, translating to a substantial $129 million in fiat currency.

According to Nansen's data, Blur NFT stands as the leading marketplace for digital collectibles, contributing 171,926 ETH (over $305 million) to the total trading volume within 30 days. In comparison, OpenSea, a major player in the NFT ecosystem, recorded a sales volume of 37,765 ETH (less than $100 million) during the same 30-day period, securing the second position in the market.

Blue-chip digital collectibles, including Bored Ape Yacht Club (BAYC), Azuki, Pudgy Penguins, The Captainz, Memeland, and Meebits NFTs, witnessed an 11% increase in trading activity within October. BAYC emerged as the frontrunner with an impressive Ether trading volume of 35,226 ETH, equivalent to around $66.5 million. Mutants Ape Yacht Club (MAYC) followed in second place with 14,947 ETH in recorded sales, and The Captainz ranked third with 9,948 ETH in trading volume. These digital collectibles maintained an average price range of 4 to 6 ETH, experiencing substantial gains.

The crypto collectibles market, despite experiencing fluctuations in recent months, saw a resurgence in October. NFT assets powered by JPEGs recorded a 15.2% increase in total trading volume, with inflows of over $427 million during the month compared to September. Additionally, the number of unique NFT users also saw a 15.2% increase, reaching a total of 281,359 unique users in October.

These developments signify renewed interest in the digital collectibles market, reflecting the potential for the NFT market to regain momentum in light of evolving market dynamics.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.