NFT Market Awakens With 28% Surge, Sparking New Momentum
Main Idea
The NFT market has experienced a significant resurgence, with a sharp increase in market capitalization and trading volume, driven by large purchases from a single whale and strong performance from Ethereum-based collections.
Key Points
1. Total NFT market capitalization surged 28% in a single day, from $5.1 billion to $6.6 billion, with weekly trading volume hitting $140 million, the highest since January.
2. A single whale purchased 76 CryptoPunks and over 35 Squiggles, triggering a buying spree and boosting market activity.
3. Ethereum-based NFT collections led the revival, with weekly volume reaching $75 million, accounting for over 50% of total NFT turnover.
4. Blue-chip projects like CryptoPunks, Bored Ape Yacht Club, Azuki, and Mutant Ape Yacht Club saw significant price increases.
5. Polygon and Solana also experienced increased activity, with a 22% rise in wallets interacting with NFT smart contracts.
Description
The NFT market has roared back to life. In a single day, total market capitalization leapt from $5.1 billion to $6.6 billion,a 28% surge that hasn’t been seen in months. For the first time since early in the year, activity has snapped from dormancy into full swing, and collectors and traders alike are dusting off their wallets. Trading volume has followed suit. Last week’s turnover exceeded $140 million, the highest weekly tally since January. OpenSea and Magic Eden are awash with fresh orders, ...
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