NFT Market Thrives as Sales Volume Soar Significantly in Recent Weeks

• Blur, the NFT marketplace, accounted for the largest percentage of NFT trade activity.
• Bored Ape Yacht Club (BAYC) achieved the greatest trading volume in NFT collections.

The blockchain analytics firm Nansen reports that the amount of weekly Ether sales of NFTs has been rising steadily. For the week ending October 9, Nansen said on Twitter that NFT sales totaled 29,704 ETH, or almost $56 million. Week after week, more and more people bought and sold until the total reached 68,342 ETH, or almost $129 million.

NFT volume for the past 5 weeks has been steadily increasing
The bottom was the week closing 9th Oct, where NFT weekly volume was 29,704 ETH, compared to last week, week ending Nov 6th, NFT sales volume reached 68,342 ETH
Slowly then suddenly…?https://t.co/SOlhKZezmO pic.twitter.com/420fiRYw9e

— Nansen (@nansen_ai) November 6, 2023

Blur, the NFT marketplace, accounted for the largest percentage of NFT trade activity during the last month. Blur had a 30-day trading volume of 161,433 ETH (about $305 million), according to data aggregator NFTGo. OpenSea, another rival, came in at number two with a total trading volume of 52,307 ETH, roughly $100 million.

Bored Ape Yacht Club (BAYC) achieved the greatest trading volume in NFT collections for the previous 30 days. The total volume of the BAYC collection was 35,226 ETH, roughly $66.7 million.

Rise in NFT Traders

The Mutant Ape Yacht Club (MAYC) placed second with 14,947 ETH, while The Captainz came in third with 9,948 ETH. In Hong Kong from November 3 to 5, Yuga Labs—BAYC’s parent company—hosted the long-awaited comeback of its major in-person event, ApeFest 2023.

In terms of market valuation, CryptoPunks continued to be the best collection. In contrast, the collection only had a 30-day trading volume of 5,773 ETH.

In addition to this, the latest statistics from NFTGo also revealed a 12% rise in NFT traders over the preceding week. In the same period, there were 22,804 buyer addresses and 27,308 selling addresses. Meanwhile, there were still roughly six million wallets that contained NFTs.

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