The non-fungible token (NFT) market has shown a significant rise linked to increased trading volumes and Ethereum prices. This article explores the key factors behind this growth.
Daily NFT Sales up by 36%
Data compiled by the crypto market aggregator Cryptoslam indicates that the NFT market has amassed over $26 million in trading sales volume in the last 24 hours. This represents a 36% increase from the previous day. The Ethereum blockchain remains the most traded network, with NFT sales volume reaching $11.7 million, a 27% increase.
Factors Driving NFT Market Growth
The growth in the NFT market is largely associated with a sharp increase in Ethereum prices. Today, the price of Ethereum reached a record high of $4,887 following statements by Federal Reserve Chair Jerome Powell about possible interest rate cuts, which stimulated further activity in the NFT market.
Current NFT Collections and Their Sales
Notable NFT collections such as CryptoPunks and Moonbirds have also shown significant sales growth. Over the last 24 hours, CryptoPunks collection saw its trading sales volume reach $2.2 million, a 244% increase, while Moonbirds achieved $1.2 million, marking a 107% rise.
In summary, the current surge in the NFT market can be attributed to both rising Ethereum prices and increased activity among traders and collectors of digital assets.
