NFT market cap increased by $1 billion within a single day and rose by 17 percent, or by $5.1 billion to 6 billion.There has been a considerable increase in the volume of NFT trading, which is noteworthy given the market’s relative stagnation.CoinGecko data has recorded this sudden increase, as investor interest is renewed and trade volume suddenly exploded.
Source – X coingecko
Such blue-chip NFTs as CryptoPunks took the lead, provoking rumors that the NFT craze that has swept the digital asset market in the past years could make a comeback.
Source – Cryptopunks
CryptoPunks registered an amazing 11,737 percent growth in sales volume in 24 hours with total sales worth over 15.4 million. The transactions increased by 8,600 percent to 87 sales as opposed to a very low figure in the past. The activity of buyers increased by 1,800 percent, as 19 buyers bought desirable objects of collection. This activity notwithstanding, the holding period is relatively constant at 202 days.
At 47.5 ETH (or almost $179,000 USD), the floor price of CryptoPunks has risen by 16%. This action spurred a buying spree, with one wallet alone paying more than 2,000 ETH to purchase 45 CryptoPunk NFTs in a matter of hours from the time it was made.This trade made the OpenSea platform shine and contributed to a wave in the market.
Other prominent Ethereum-based collections also contributed to the rally. Floor pricing for Pudgy Penguins went up by 15 percent, reaching 16.6 ETH. On the other hand, the prices of Bored Ape Yacht Club and Moonbirds went up by 6.9 percent and 31.1 percent, respectively.The amount of sales of NFTs per day increased by almost 287 percent to more than 37 million dollars.
The overall NFT market cap leaping to the level of 6 billion indicates that investors and collectors are becoming more confident. The boom comes after months of slowing down and declining volumes in most of the NFT industries. The analysts cite the increase in the prices of Ethereum that has seen the cryptocurrency increase by 55 percent in the last one month as one of the reasons behind this new NFT buying frenzy.
Source – X
Yat Siu is a leader in digital entertainment, who has underlined the importance of NFTs in the cultural economy of Ethereum and not necessarily as a financial speculation vehicle. The new wave of blue-chip NFTs demonstrates the continued popularity and worth of old collections in the new Web3 world.
This sharp rise can introduce a new cycle of NFTs, as investors will begin to move capital back into the major digital collectibles that have proven to have long-term demand and cultural relevance.
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