The non-fungible token (NFT) market continues to show resilience and is steadily moving from recovery mode towards a significant revival in 2024. Recently, a Bored Ape NFT collection sold for over $1.4 million, highlighting the market's vitality.
State of the NFT Market
Last month, a report from nftevening.com stated that 96% of NFTs are considered 'dead', after analyzing 5,000 collections and 5 million transactions. The report revealed high unprofitability among NFT holders and the fleeting lifespan of most collections.
Bored Ape #7940 Sale
According to data from CryptoSlam.io, the Bored Ape Yacht Club #7940 was sold for $1.43 million on the X2Y2 platform. This sale pushed the total Bored Ape sales volume up over 900% in the last 24 hours. The Bored Ape Yacht Club collection, launched in 2021, consists of 10,000 NFTs on the Ethereum blockchain.
NFT Sales Volume Growth
The global NFT market saw substantial gains, with a sales volume of $14 million in the past 24 hours, up 33% from the previous day. Ethereum led the market with $6.5 million in sales, up 147% from the previous day.
The NFT market continues its recovery, demonstrating positive sales trends. The increasing trade volumes and significant transactions support the market's revival.