There’s a notable shift in momentum after a prolonged quiet spell in the NFT market. Recent data observed by @Felixreads highlights a steep increase in NFT activity, particularly on Ethereum. His post on X was reposted by prominent blockchain analytics firm, IntoTheBlock.
The NFT market has been in a state of dormancy. However the recent surge in volume on Ethereum suggests a miraculous revival. This could be an indication of renewed interest in the NFT space.
Bored Ape Yacht Club dominates
The Bored Ape Yacht Club has emerged as a frontrunner in this revival. It boasts a huge market cap of $1.4 billion.
On November 4th, it recorded breaking 459 transactions, amounting to a volume of $21.56 million. It underscores how the established players are leading the market’s resurgence. Last year, just this time in November, a buyer bought a Bored Ape NFT for just under a million despite the bear market.
Cryptopunks follow suit
Cryptopunks, on the heels of BAYC, also experienced a notable resurgence. It boasts a market cap of $1.28 billion. The collection recorded 60 transactions, totaling $8.32 million in volume.
This milestones marks a new six-month high for the NFT collection. It suggests a broader positive trend in the NFT market.
Binance Ordinals Impact
While not highlighted by @Felixreads, the recent launch of Binance ordinals could be a pivotal contributing factor as well. Binance’s foray into NFTs brings a new dynamic as one of the major players in the crypto space. It could be enticing investors back into the market.
The impressive performances of Bored Ape Yacht Club and Cryptopunks paints a ray of hope for the market’s future. Investors, perhaps enticed could be further enticed by rising interest in Bitcoin ordinals as well.
It’s clear that the NFT market is far from being close to its glory. However, it may be gearing up for a significant resurgence in the medium term.