NFT Industry Resurgence: Nansen Report Reveals Increasing Sales

The Non-Fungible Token (NFT) sector faced severe challenges in the past, with dwindling sales and low volume casting doubts on its sustainability. However, recent data suggests that the NFT industry is experiencing a comeback in terms of sales volume.

Surging NFT Trading Volume

According to Nansen, the weekly trading volume for NFTs has seen a consistent increase over the past five weeks. The lowest point was in the week ending October 9th, with a volume of 29.7k ETH. However, this figure has steadily risen, reaching over 68.3k ETH by the week ending November 6th. Notably, NFT marketplace Blur accounted for 171,926 ETH of this volume, surpassing Opensea with 37,765 ETH.

Slow Recovery?

A report by Dapp Radar also highlighted a reversal in the declining trend of NFT trading volume in October, showing a 32% increase compared to September. Despite the total trading volume surpassing $405 million, the number of NFT sales decreased by 5%. Ethereum leads in terms of trading volume, with a significant 50% jump. Immutable X follows with $22 million in trading volume, driven by popular NFT projects like Gods Unchained, Cross the Ages, and Illuvium.

While Ethereum experienced growth, other blockchain networks witnessed a decline in sales volume. Polygon, Starkware, and Flow saw drops of 48%, 42%, and 32% respectively. However, Solana has made a notable comeback, with a 15% increase in NFT trading volume. zkSync Era, a newcomer, experienced an 88% surge, reaching $12 million within a month.

It is important to note that while some blockchain networks experienced a decline in sales volume, Solana’s trading volume increased from $24 million to $27.6 million, marking a 15% growth, and zkSync’s trading volume grew by 88%, going from $7.3 million to $14 million.

In terms of sales numbers, Starkware saw a significant decline from 479,000 to 264,000, representing a 48% drop. Polygon also experienced a decrease from 1.5 million to 1.2 million, a 23% decrease.

The NFT industry is showing signs of a resurgence, with increasing sales volumes and renewed interest from both collectors and investors. This positive trend indicates that NFTs continue to hold value and play a significant role in the digital asset industry.

Editor Notes

The NFT industry’s comeback is an exciting development for both artists and investors. NFTs provide a unique way to showcase and monetize digital art and collectibles, making them more accessible to a broader audience. Platforms like Uber Crypto News play a crucial role in keeping enthusiasts informed about the latest trends, news, and developments in the NFT industry. Stay up to date with the latest NFT industry news by visiting Uber Crypto News.