Nfts
NFT market recovery: Ethereum takes lead as sales increase
- NFT sales volumes increased by 10.95% over the past week.
- Ethereum has regained the top spot in the NFT sector.
While crypto investors weren’t initially flocking to NFTs in 2024, the past few weeks have seen a shift in the market. NFT sales are on the rise, with some collections experiencing significant spikes in activity.
The NFT market recently posted gains for the second week in a row with sales up 10.95% during this period.
Top notch blues
However, the picture was not entirely rosy. Big Ethereum-based NFT names like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks have not seen uniform growth.
CryptoPunks sales volume dropped 59%, and the average holding time for these digital avatars also decreased. This suggests that some investors may be dumping their Punks.
MAYC, on the other hand, has witnessed the same level of disinterest. Sales, while down 53% from previous highs, show a different story.
The average holding period for MAYC NFTs increased by 74%, indicating that investors are holding onto their Mutant Apes with confidence.
Source: Crypto Slam
ApeCoin doesn’t see any love
Despite MAYC’s resurgence in popularity, ApeCoin, the cryptocurrency linked to these Ape collections, has not kept up with this growth.
ApeCoin’s price has actually fallen by almost 16% over the past month. Although the surge in interest in Ethereum NFTs hasn’t helped ApeCoin, the future of the token looks extremely casual.
The rise of Ethereum NFTs like MAYC and CryptoPunks has propelled Ethereum to the top spot in the NFT space. For months, Bitcoin dominated NFT transactions, but the surge in interest in Ethereum NFTs has revitalized overall network activity.
According to data from CryptoSlam, the Ethereum network saw NFT sales worth $154.8 million on the network over the past month.
Increased activity on the Ethereum network may also help improve overall sentiment around ETH and help the altcoin in terms of price movement.
Bitcoin has been pushed back to second place in terms of NFT volume. While collections like NodeMonks and Bitcoin Puppets remain popular, the resurgence of Ethereum has changed the focus.
If activity on the Bitcoin network continues to decline and investors lose confidence in Bitcoin NFTs, the price of BTC may be negatively affected.
Solana remained close to third in NFT volume, with Polygon close behind.
Source: Crypto Slam