Nansen, the blockchain analytics firm, has reported a remarkable surge in nonfungible token (NFT) sales volume, reaching a substantial 68,342 ETH in the week ending November 6. This substantial rise showcases the growing popularity and demand for NFTs within the crypto market.
Nansen’s data revealed that NFT sales volume saw a steady increase, with weekly Ether sales reaching 29,704 ETH in the week ending October 9. At current ETH market prices, this amounted to around $56 million. However, as interest and activity continued to surge, NFT sales hit 68,342 ETH, translating to over $129 million.
NFT marketplace Blur emerged as the dominant player, boasting the highest share of NFT trading volume over the past 30 days. The platform recorded a trading volume of 161,433 ETH, equivalent to approximately $305 million. OpenSea, a key competitor, secured the second spot with 52,307 ETH in trading volume, approximately $100 million.
NFT collections have also seen a surge in trading volume, with Bored Ape Yacht Club (BAYC) leading the way at 35,226 ETH, around $66.7 million. Mutant Ape Yacht Club (MAYC) and The Captainz followed closely with 14,947 ETH and 9,948 ETH in trading volume, respectively.
CryptoPunks remained the top collection in terms of market capitalization, although its trading volume over the last 30 days amounted to 5,773 ETH.
Moreover, NFTGo’s data revealed a 12% increase in NFT traders over the past seven days. There were 22,804 buyer addresses and 27,308 sellers during this period, while the number of wallets holding NFTs remained steady at around six million.
Interestingly, this surge in NFT trading volume occurred despite seemingly bearish news within the NFT market, such as OpenSea’s recent staff layoffs in preparation for the launch of its second version on November 3.
