NFT Market Sees Consistent Growth in Trading Volumes

The NFT market has been experiencing a steady increase in trading volumes, according to a recent report by Nansen, a blockchain analytics platform. This growth trend has been particularly evident in ethereum (ETH) transactions. Starting from the week ending October 9th, NFT sales in ETH amounted to 29,704. However, by the week ending November 6th, this figure nearly doubled to 68,342.

Resurgence in the NFT Market

This surge in trading volumes suggests a possible resurgence in the NFT market, which had previously experienced a significant decline. It also marks the highest point since late August, with a 38% increase from the market’s lowest week in September. Interestingly, this rise in trading volumes aligns with the market movements of major cryptocurrencies like bitcoin (BTC), ethereum (ETH), and Solana (SOL), indicating a broader recovery in the digital asset space.

Market Dominance Shifts

One notable development in the NFT market is Blur’s outperformance compared to its competitors. The platform accounted for a staggering 171,926 ETH of the total trading volume, overshadowing OpenSea’s 37,765 ETH. This shift in market dominance reflects changing preferences and dynamics within the NFT sector.

Top NFT Collections

Analyzing NFTGo’s data, the Bored Ape Yacht Club (BAYC) collection stands out as the top-performing collection in terms of trading volume over the past month, accumulating 35,226 ETH. Other significant contributors to the trading volume included The Mutant Ape Yacht Club (MAYC) and The Captainz. CryptoPunks maintained its position as the collection with the highest overall market value.

Increase in Active NFT Traders

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In an interesting development, the number of active NFT traders increased by 12% in the past week. However, the number of NFT holders’ wallets remained stable at around six million, a figure that has seen minimal change since January.

OpenSea’s Update and Workforce Reduction

OpenSea, a prominent player in the NFT marketplace, announced an upcoming launch scheduled for November 3rd. It coincided with the news of a significant reduction in the workforce, as the company had to lay off half of its staff.

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