While crypto investors were initially hesitant to dive into NFTs in 2024, recent weeks have witnessed a significant market shift. NFT sales have been on the rise, with some collections experiencing notable surges in activity.
NFT Market Gains for the Second Consecutive Week
The NFT market has seen a positive trend, marking gains for the second week in a row, with sales increasing by 10.95%.
Blue-Chip NFT Struggles
However, the landscape isn’t entirely positive. Prominent Ethereum-based NFT collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks have faced mixed fortunes.
CryptoPunks: Sales volume for CryptoPunks plummeted by 59%, and the average holding time for these digital avatars has decreased, suggesting that some investors may be offloading their Punks.
Mutant Ape Yacht Club (MAYC): Conversely, while MAYC sales dropped by 53%, the average holding time for these NFTs surged by 74%, indicating increased investor confidence in holding onto their Mutant Apes.
ApeCoin’s Decline Amid NFT Resurgence
Despite the renewed interest in MAYC, ApeCoin, the cryptocurrency associated with these Ape collections, has not shared in the growth. ApeCoin’s price has fallen by nearly 16% over the past month, highlighting a disconnect between NFT interest and the token’s performance.
Ethereum NFTs Propel Network Activity
The resurgence of Ethereum NFTs like MAYC and CryptoPunks has restored Ethereum’s dominance in the NFT space. For months, Bitcoin led in NFT transactions, but the renewed interest in Ethereum-based NFTs has revitalized the network’s activity.
According to CryptoSlam data, Ethereum saw $154.8 million worth of NFT sales in the past month. This surge in activity could improve overall sentiment around ETH, potentially influencing its price positively.
Bitcoin and Solana in the NFT Market
Bitcoin, which had been leading in NFT volume, has been pushed to second place. While collections like NodeMonks and Bitcoin Puppets remain popular, the focus has shifted back to Ethereum.
Solana remains a close third in NFT volume, with Polygon trailing just behind. If Bitcoin network activity continues to decline, it could negatively impact BTC prices.
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