Recent data shows a notable increase in NFT transaction volumes on the Ethereum and Bitcoin platforms, despite a significant reduction in the number of active participants.
Overall NFT Transaction Metrics
The total NFT transaction volume in the market increased by 20.67%, reaching $122.6 million over the past week. Ethereum emerged as the leader with a transaction volume of $50 million, reflecting a growth of 133.36%. Bitcoin likewise reported a 50.12% increase in volume, reaching $15.5 million.
Market Trends and Participant Activity Changes
Despite the growth in transaction volume, market participation has decreased sharply: the number of active NFT buyers fell by 89.08% to 88,157, while the number of sellers decreased by 82.62% to 56,817. The total number of transactions slightly increased by 1.63%, achieving 1,357,999.
Ethereum's Market Cap and Its Market Influence
Ethereum is currently valued at $2,984.58, with a market cap of $360.28 billion. Observing an 83.04% growth over the last 90 days highlights investor interest in Ethereum-based NFTs, though the sustainability of this market growth will depend on renewed interest from both buyers and creators.
While there is a current surge in transaction volumes, the NFT market faces challenges related to user activity, which may impact its long-term sustainability.
