In recent developments within the NFT ecosystem, a consistent growth pattern has emerged, as reported by Nansen, a blockchain analytics platform. Over a five-week period, the NFT market has seen a robust increase in trading volumes, particularly in Ethereum (ETH) transactions. The upward trajectory commenced in the week closing on October 9th, with NFT sales amounting to 29,704 ETH. By the week ending November 6th, this figure nearly doubled to 68,342 ETH.
The data suggest a possible resurgence of the NFT market, which had witnessed a significant downturn in previous months. This recent spike in trading volumes marks the highest point since late August and represents a 38% rise from the market’s lowest week in September. The increase has paralleled the market movements of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), indicating a broader recovery across the digital asset space.
The NFT marketplace Blur has notably outperformed its competitors,…