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

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

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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.

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