NFTs
NFT market revival: Ethereum takes the lead with increased sales
- NFT sales volumes grew 10.95% in the last week.
- Ethereum has regained the top spot in the NFT sector.
While crypto investors were not initially flocking to NFTs in 2024, recent weeks have seen a shift in the market. NFT sales are on the rise, with some collections experiencing significant increases in activity.
The NFT market recently recorded gains for the second week in a row, with sales increasing 10.95% during this period.
Blue-chip blues
However, the picture was not entirely optimistic. Big Ethereum-based NFT names like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks have not seen uniform growth.
The sales volume of CryptoPunks fell by a significant 59%, and the average retention time of these digital avatars also fell. This suggests that some investors may be getting rid of their punks.
MAYC, on the other hand, witnessed the same level of disinterest. Sales, although down 53% compared to previous highs, show a different story.
The average holding time of MAYC NFTs has soared 74%, indicating that investors are holding their Mutant Monkeys with confidence.
Source: Crypto Slam
ApeCoin sees no love
Despite MAYC’s resurgence in popularity, ApeCoin, the cryptocurrency linked to these Ape collections, has not reflected the growth.
In fact, the price of ApeCoin has fallen by almost 16% in the past month. Even though the resurgence of interest in Ethereum NFTs hasn’t helped ApeCoin, the future of the token appears extremely simplistic.
The rise of Ethereum NFTs like MAYC and CryptoPunks has propelled Ethereum back to the top spot in the NFT space. For months, Bitcoin dominated NFT transactions, but renewed interest in Ethereum NFTs has revitalized the network’s overall activity.
According to data from CryptoSlam, the Ethereum network recorded NFT sales worth $154.8 million on the network last month.
The increase in activity on the Ethereum network could also help improve the overall sentiment around ETH and help the altcoin in terms of price movement.
Bitcoin has been pushed into 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 could be negatively affected.
Solana remained in third place in NFT volume, with Polygon close behind.
Source: Crypto Slam