After several months of stories regarding how worthless many non-fungible tokens (NFTs) had become, the declining JPEG market is now showing signs of life. Monthly sales are up over the past few weeks, with last month’s trading volume jumping 33% from September. Moreover, daily NFT trading volume has been growing since the start of October. The increased trading activity has pushed NFT prices up.
So, is the bull run back? Well, not so fast. Although the latest statistics are beginning to excite NFT traders again, the prices and sales figures are still way below the levels witnessed in 2021, when NFTs generated monthly sales worth billions of dollars.
However, after what has been a tough year for non-fungible tokens, the market is finally turning green. So, if you have been holding an NFT in your crypto wallet, it is time to check it out. Its value could be higher than it was at the start of the year.
Prices are Surging
The wider crypto market is rallying again after struggling for months. Bitcoin has seen its price surge 35% over the past 30 days to trade at $36,675 as of this writing. The current price is double what the coin traded for last year at a time like this. Ethereum’s price is also up 34%. A number of altcoins, like Solana and Chainlink, have posted larger gains than the two market leaders.
The surging cryptocurrency prices are helping to push NFT prices up as well. Over the past few weeks, most of the popular NFT collections have witnessed their floor prices escalate. For example, CryptoPunks’ floor price has surged over 80% in the last 30 days to roughly $126,000. The floor prices of Azuki and Bored Ape Yacht Club are up 106% and 65% to $13,300 and $65,700, respectively.
According to data from NFT Floor Price, 49 of the leading 50 NFT collections by market capitalization have recorded massive gains. Only the Beeple Genesis Collection has seen its floor price decline over the last 30 days. It’s down 47% to $162,000.
Sales Have Also Increased
Growing prices mean nothing if no one is buying the non-fungible tokens, but sales have been on the rise too. As stated, NFT sales were up 33% in October compared to the previous month, jumping to $406 million from $303 million, according to DappRadar’s data.
Meanwhile, NFT analyst Hildobby shared on-chain data on the Dune platform on Monday that showed the daily NFT trading volume had increased for five consecutive days last week. Moreover, the number of traders had also risen, with last Tuesday witnessing the most unique crypto wallets (16,617) in nearly four months.
CryptoSlam data also reveals massive growth in trading volumes for top NFT projects. Trading activity for Bored Ape Yacht Club has grown 135% in the last 30 days to $36 million. During the same span, the trading volumes for Gods Unchained and CryptoPunks have risen 25% and 174% to 19.5% and $26 million, respectively.
However, not all collections are seeing gains in their trading volumes. For example, trading activity for Sorare NFT cards and Draftking NFTs is down 11% and 41% to $11.7 million and $11.4 million, respectively. It is worth mentioning that NFT trading on Polygon, the Ethereum scaling solution, is down 55% over the previous 30 days.
Nonetheless, NFT trading is on the rise. CryptoSlam reports a 23% growth in trading volume over the last 30 days for the JPEG projects it tracks.
The Excitement is Returning
After more than a year of declining NFT prices, the recent price pumps and the growing trading volume have caused excitement among NFT enthusiasts on X, with several announcing their sizable purchases in anticipation of a bull run. Moreover, NFT fans are now engaging more on the Elon Musk-owned social media platform than they have been in the past months.
While we are still miles away from 2021’s NFT bull run, there are signs that the JPEG market is coming back to life, and we may witness a massive rally soon.
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