In recent weeks, the NFT market has experienced a nice revival, with sales volumes increasing by 10.95%.
The end of the downtrend?
The NFT market has seen a visible uptick in activity, because while 2024 started slow for NFTs, the past few weeks have marked a change.
NFT sales volumes have grown, showing a 10.95% increase over the last week. This is the second consecutive week of gains for the market, suggesting a positive trend.
Despite the overall rise in NFT sales, major Ethereum-based collections like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks have shown mixed results. Sales volume for CryptoPunks dropped by 59%, and the average holding time for these digital avatars also decreased.
This could means that some investors might be selling their CryptoPunks.
Meanwhile, MAYC NFTs saw a 53% decline in sales compared to their earlier highs, but despite this, the average holding time for MAYC NFTs increased by 74%, showing that investors are holding onto their Mutant Apes with more confidence.
We’re back
As market experts highlights, ApeCoin, the cryptocurrency linked to the Ape collections, unfortunately hasn’t seen the same growth as MAYC, as the price fell by nearly 16% over the past month.
This decline suggests that the renewed interest in Ethereum NFTs hasn’t positively impacted ApeCoin, and now the future of the token looks quiet uncertain, despite the rise in popularity of collections like MAYC and CryptoPunks.
The renewed interest in Ethereum NFTs has pushed Ethereum back to the forefront of the NFT market.
For several months, Bitcoin dominated NFT transactions, thanks to projects like Inscriptions, or more recently, the Runes, but now the surge in Ethereum-based NFT activity has revitalized the network’s performance.
According to CryptoSlam, the Ethereum network saw $154.8 million in NFT sales over the past month.
The race never ends
Bitcoin has now been pushed to second place in NFT volume, because while collections like NodeMonks and Bitcoin Puppets remain popular, Ethereum’s resurgence has shifted the focus away from Bitcoin NFTs.
If this trend continues and activity on the Bitcoin network declines further, many thinks the price of BTC could be negatively impacted.
Solana remains a strong player in the NFT market, holding the third spot in NFT volume, with Polygon following closely behind.
