Ethereum NFTs rise 2% in 24 hours: What's fueling the surge?

The Rise of ethereum NFTs and the Potential for Growth

In mid-October 2023, the volume for ethereum NFTs started to increase, indicating renewed interest in the market. Despite a cooling down period after the NFT summer a few quarters ago, ethereum, which has the largest NFT ecosystem, saw a decline in its market due to the overall plummet. However, recent announcements from Yuga Labs have reignited enthusiasm and could lead to further growth.

An overview of ethereum’s NFT space

During the last NFT summer, ethereum, Polygon, and Solana witnessed significant booms in their NFT trade volumes and counts. However, this interest waned over the following weeks, resulting in declining numbers. Yuga Labs, the creator of popular NFT collections like Bored Ape and CryptoPunks, has now partnered with Magic Eden to launch the new Magic Eden ETH marketplace. Notably, this marketplace will be the first major ETH marketplace obligated to honor creator royalties. This development has the potential to revive ethereum‘s NFT ecosystem and drive future growth.

As per data analyzed by AMBCrypto via Dune Analytics, the daily volume of ETH NFTs has been on the rise since mid-October. Additionally, data from CryptoSlam showed increases in ETH NFTs’ sales volume, total transactions, number of sellers, and number of buyers. These positive metrics combined with the new marketplace launch could lead to a surge in ETH NFT demand.

ETH investors are enjoying profits

While ethereum‘s NFT market shows signs of improvement, ETH itself continues to maintain its uptrend. According to CoinMarketCap, ETH was up by over 2% in the last 24 hours, trading at $1,884.45 with a market capitalization of over $226 million. This positive performance benefits investors and further contributes to the market’s growth.

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Data analyzed by AMBCrypto via CryptoQuant also indicates low selling pressure on ETH, as net deposits on exchanges remain low. Additionally, ETH‘s trading volume and active addresses remain high. The funding rate for ETH in the Futures market is also in the green, indicating investor interest and willingness to buy at higher prices.

With these promising developments and the potential for further growth, the ethereum NFT ecosystem is poised for success. As interest in NFTs continues to rise, ethereum remains at the forefront, providing ample opportunities for creators and investors alike.

Check out the ETH Profit Calculator to see if your portfolio is in the green.

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By Team