The non-fungible token (NFTs) market has seen notable growth in recent weeks, with an impressive increase in sales volume.
According to a report published by Nansen in X, the stability and future direction of the NFTs market are at the center of discussions in this period of rapid growth.
NFT volume for the past 5 weeks has been steadily increasing 📈
The bottom was the week closing 9th Oct, where NFT weekly volume was 29,704 ETH, compared to last week, week ending Nov 6th, NFT sales volume reached 68,342 ETH
— Nansen 🧭 (@nansen_ai) November 6, 2023
According to data from Nansen, an NFT sales volume of 68,342 ETH, equivalent to more than $129 million, was recorded, marking a sharp increase from 29,704 ETH (around $56 million) at the beginning of October.
Blur led the market in the last 30 days, with an impressive total of 171,926 ETH, surpassing its competitor, OpenSea, which contributed 37,765 ETH.
Among the most notable collections is the Bored Ape Yacht Club (BAYC), with a trading volume of 35,226 ETH, equivalent to $66.7 million in the last 30 days. Other popular collections include the Mutant Ape Yacht Club (MAYC) and The Captainz.
However, despite the growth in the NFT market, an unexpected development occurred when OpenSea, one of the leading platforms, announced the elimination of 50% of its staff in preparation for the launch of its second version.
STABILITY AND FUTURE DIRECTION OF THE NFTs MARKET
Nansen data also reveals a 12% increase in the number of Non-Fungible Token traders in the last week, with 22,804 buyers and 27,308 sellers in that period.
The number of wallets hosting NFTs remains stable at around 6 million.
The NFT market is experiencing a notable resurgence, and the question “Are we back?” suggests renewed enthusiasm for this sector.
As interest in these assets continues to rise, investors and enthusiasts are closely watching how the strategies and direction of these platforms and collections will develop in the future.
The NFT industry is an exciting but volatile space, and the ability to maintain stability and make wise decisions regarding direction will be essential to its long-term success.