A recent report by Nansen has unveiled a thriving NFT market that defies expectations, with weekly Ethereum sales reaching impressive heights. The week ending on November 6th witnessed a significant surge, with NFT sales amounting to a staggering 68,342 ETH, equivalent to over $129 million.

This uptick marks a substantial turnaround from just a month ago when the weekly sales stood at 29,704 ETH as of October 9th.

NFT Market Leaders in Trading

Among the prominent players in the NFT trading arena, Blur emerged as the leader over the last 30 days, commanding a remarkable trading volume of 161,433 ETH, which translates to approximately $305 million. OpenSea, a formidable rival, secured the second position with a trading volume of 52,307 ETH, accounting for around $100 million.

It’s noteworthy that OpenSea recently announced a significant layoff, raising concerns in the decentralized finance (DeFi) market. CEO Devin Finzer disclosed plans to reduce the workforce by 50%, signaling a shift toward “OpenSea 2.0” to enhance core aspects of the platform, including technology and user experience.

Top NFT Collections

The NFT collections that stood out in terms of trading volume over the past 30 days include Bored Ape Yacht Club (BAYC), leading the pack with a trading volume of 35,112.96 ETH, equivalent to approximately $60.92 million. Following closely were Mutant Ape Yacht Club (MAYC) with 14,969.31 ETH and The Captainz with 9,964.56 ETH.

NFT (Non-Fungible Token) Futuristic Background

CryptoPunks Retains NFT Market Cap Crown

In terms of market capitalization, the iconic NFT collection, CryptoPunks, maintained its crown with a market cap of 477,261.25 ETH or $876.86 million. However, it recorded a trading volume of 5,773.42 ETH in the last 30 days.

Rising Number of NFT Traders

Despite recent challenges in the NFT space, there has been a significant increase in NFT traders. According to NFTGo data, over the past week, the number of traders surged by 12% to reach 42,254.

Moreover, buyers witnessed a 9.61% increase, reaching 22,804, while sellers grew by 19.37% to 27,308. Impressively, the number of wallets holding NFTs remained steady at around six million.

Further, the NFT market’s remarkable resilience and the surge in trading volume indicate that it is far from fading away. Despite recent hurdles, it continues to attract both traders and collectors, underlining its robust and growing presence in the broader crypto landscape.

Read More:

AIITONE, a Web3 company, undergoes rebranding as BU Technology, introducing fresh business goals

SwissBorg Smart Engine Merging Traditional Finance and DeFi

Avatar photo

Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.