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- NFT sales volumes rose 10.95% over the past week.
- Ethereum has regained the top spot in the NFT sector.
Although cryptocurrency investors did not initially flock to NFTs in 2024, the past few weeks have seen a shift in the market. NFT sales are on the rise, with some groups seeing a spike in activity.
The NFT market recently saw gains for the second week in a row with sales up 10.95% during the period.
Blue blouse
However, the picture was not entirely rosy. Big Ethereum-based NFT names like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks have not seen uniform growth.
The turnover of CryptoPunks decreased by a significant 59%, and the average holding time of these digital avatars also decreased. This suggests that some investors may be unloading their money.
On the other hand, MAYC has seen the same level of disinterest. Sales, although down 53% from previous highs, show a different story.
The average holding time for MAYC NFTs has increased by 74%, indicating that investors are holding on to Mutant Apes with confidence.
Source: Salam Encryption
ApeCoin does not see love
Despite the resurgence in popularity of MAYC, ApeCoin, the cryptocurrency associated with these Ape groups, has not reflected the growth.
The price of ApeCoin has actually fallen by approximately 16% in the past month. Even if renewed interest in Ethereum NFTs doesn’t help ApeCoin, the future of the token looks very sketchy.
The emergence of Ethereum NFTs like MAYC and CryptoPunks has propelled Ethereum 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 CryptoSlam data, the Ethereum network saw $154.8 million worth of NFT sales on the network over the past month.
An increase in activity on the Ethereum network could also help improve overall sentiment around ETH and help the altcoin in terms of price movement.
Bitcoin has been pushed to second place in terms of NFT volume. While groups like NodeMonks and Bitcoin Puppets are still very popular, the resurgence of Ethereum has shifted 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 remains in third place in terms of NFT volume, with Polygon right behind.
Source: Salam Encryption
