CRYPT — Studying the non-fungible token market data reveals a sharp increase in NFT trading volume globally over the past few days. Several recent factors, including renewed institutional interest and favorable interest rate decisions, have undoubtedly contributed to this unexpected spike. The rapid ascent of the non-fungible market could also herald the start of the NFT Bull Run, which was scheduled to begin around mid-year. Is the NFT market really correcting itself after a short reversal over the past few weeks, or are we really in the middle of a bull run?
CryptoSlam.io, an on-chain data aggregator, showed that NFT trading volume increased by 15% over the past week. There were $152 million in non-fungible token sales. The number of collectors investing in the non-fungible token market has increased significantly recently. The number of new NFT buyers increased by nearly 50% to 957,726 last week. NFT transactions increased by 6.73% to around 2.5 million. Follow the latest news as it happens by subscribing to our Telegram channel.
Studying the non-fungible token market data reveals a sharp increase in NFT trading volume globally over the past few days. Multiple recent factors, including renewed institutional interest and favorable interest rate decisions, have undoubtedly contributed to this unexpected spike. The rapid rise of the non-fungible commodity market could also herald the start of the NFT Bull Run, which was supposed to begin around the middle of the year. Is the NFT market really correcting itself after a short reversal over the past few weeks, or are we really in the middle of a bull run?
CryptoSlam.io, an on-chain data aggregator, showed that NFT trading volume increased by 15% over the past week. There were $152 million in non-fungible token sales. The number of collectors investing in the non-fungible token market has increased significantly recently. The number of new NFT buyers increased by nearly 50% to 957,726 last week. NFT transactions increased by 6.73% to around 2.5 million.
Despite intense pressure from the Bitcoin ordinal market over the past few weeks, non-fungible tokens based on the Ethereum network have continued to dominate the NFT market. In the previous week, Ethereum NFTs had a sales volume of $95 million. Non-fungible Ethereum tokens are up 27% since last week. Bitcoin Ordinals trailed Ethereum NFTs by far, but they still managed to rack up $20 million in sales through trading. An influential bitcoin developer by the name of “Casey Rodarmor” inscribed NFTs using Satoshi Nakamoto’s Ordinal Theory and launched them in the NFT market earlier this year.
Bitcoin NFT trading volume has declined by 3% over the past week. Bitcoin NFTs lost value after “Tom Lehman”, or Middlemarch on Twitter, released a new NFT system on Ethereum called “Ethscriptions”. Solana-based NFTs have started to recover after a brief downturn over the past few months. Recently, Solana paved the way for Bitcoin NFTs to overtake those of Ethereum and become the second most traded NFT. There has been $10 million of NFT Solana traded in the past week. Solana’s NFT price increased by 24% during this period.
