Are rising NFT trades signaling a market revival?

• NFT’s daily trading volume exceeded 11 million as the industry saw more trades.
• BAYC and MAYC dominated the daily trade volume.

NFTs, like many assets in the current market, have recently experienced a significant decline in value. However, their situation appeared more dire to some, with a few experts suggesting that this downturn might mark the beginning of the end for this particular category.

Yet, can the recent increase in trading volume help dispel these concerns?

NFTs’ daily volume rises 

As per data from a Dune Analytics chart by Hildobby, the daily trading volume for NFTs surged to over 11.5 million on 23 October. While this might not appear as noteworthy news on its own, the trend in the trading volume provides essential context.

A closer examination of the daily trade chart revealed a distinct decrease in trading volume over the past few months, sparking concerns about the NFT industry’s viability. 

Source: Dune Analytics

Nevertheless, this recent upswing in trading volume cast doubts on the notion of NFTs fading into obscurity, at least for now. Furthermore, the volume statistics also highlighted the enduring dominance of two major NFT marketplaces.

OpenSea and Blur dominate

When we delve into the trade volume breakdown, it becomes evident that Blur and OpenSea have outpaced other marketplaces regarding trading activity.

Notably, Blur recorded an impressive 8 million daily NFT trades, while OpenSea and its professional version collectively accounted for over 2.5 million trades. However, a closer look at the traders’ charts revealed that OpenSea had more active traders than Blur over the past week.

Ethereum and Solana dominate sales volume

According to data from Cryptoslam, in the past 24 hours, NFT sales volume has been primarily dominated by two blockchains. Ethereum [EETH] emerged as the leader in sales volume, with over $8.3 million in transactions, followed by Solana [SOL], with over $1 million in sales. 

Additionally, Cryptoslam’s data showed that the Bored Ape Yacht Club [BAYC] and the Mutant Ape Yacht Club [MAYC] were at the forefront of 24-hour sales volume.

As of press time, BAYC’s collection had generated over $2 million in sales, while MAYC had recorded sales exceeding $750,000.