Ethereum NFTs rise 2% in 24 hours: What's fueling the surge?

The volume for Ethereum NFTs started to go up in mid-October 2023.
ETH was up by 2% in the last 24 hours, and metrics remained bullish.

After the NFT summer a few quarters ago, the ecosystem at large somewhat cooled down. Ethereum [ETH], which has the largest NFT ecosystem, also fell victim to the market plummet.

Read Ethereum’s [ETH] Price Prediction 2023-24

However, things have again started to heat up and can get even better with Yuga Labs’ latest announcement.

An overview of Ethereum’s NFT space

During the last NFT summer, blockchains such as Ethereum, Polygon [MATIC], and Solana [SOL] all witnessed massive booms in their NFT trade volumes and counts.

However, over the next few weeks, investors seemed to have lost interest in the space, causing its numbers to sink. But recently, Yuga Labs, the creator of popular NFT collections like Bored Ape and CryptoPunks, announced the launch of a new marketplace.

Yuga Labs has partnered with Magic Eden to launch the new Magic Eden ETH marketplace. The tweet also mentioned that this marketplace will be the first major ETH marketplace contractually obligated to honor creator royalties.

Planting something new for all creators.

We’re partnering with Magic Eden to launch the new Magic Eden ETH marketplace – the first major ETH marketplace contractually obligated to honor creator royalties.

The marketplace will launch end of 2023, more details soon. pic.twitter.com/iDrBM46nHk

— Yuga Labs (@yugalabs) November 4, 2023

This can once again gain traction and help Ethereum’s NFT ecosystem flourish over the months to come. In fact, Ethereum’s NFT space has already started to see a rise in its numbers.

As per data analyzed by AMBCrypto via Dune Analytics, the Daily Volume of ETH NFTs has gained upward momentum since mid-October.

Source: Dune

Additionally, data gauged from CryptoSlam showed that several other metrics rose as well. For example, in just the last seven days, ETH NFTs’ sales volume increased by 8%, while total transactions spiked by 6%.

Things didn’t end there, as both the number of sellers and buyers went up by 13% and 20%, respectively. These metrics, coupled with the new marketplace launch, had the potential to kickstart an upsurge in ETH NFT demand.

ETH investors are enjoying profits

While this happened, ETH continued to maintain its uptrend, as its daily chart was green. According to CoinMarketCap, ETH was up by over 2% in the last 24 hours. At press time, it was trading at $1,884.45 with a market capitalization of over $226 million.

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Data analyzed by AMBCrypto via CryptoQuant also showed that selling pressure on the token was not high, as its net deposits on exchanges were low. ETH’s Trading Volume and Active Addresses also remained high.

Apart from this, ETH’s Funding Rate was also in the green, meaning that investors in the Futures market were buying ETH at its higher price during the time of writing.