NFT Market Surges? $42.8M Trading Volume Signals Comeback

NFT Market Surges? $42.8M Trading Volume Signals Comeback

Time Stamp: January 20, 2024 1:52 AM
Source Node: 3073723
  • Ethereum NFT market hits a 7-month high, reaching $42.8 million.
  • Blur dominates with 82% volume, and PudgyPenguins surges 65% in 7 days.

The Ethereum NFT market experienced a remarkable uptick on January 18, with the trading volume reaching an impressive $42.8 million. This marked a significant milestone, surpassing the $40 million threshold for the first time since June of the previous year. Notably, Blur dominated the scene, accounting for a substantial 82% of the total trading volume, hitting an impressive $35 million.

Ethereum Market daily volume, source : Dune

Adding to the intrigue, PudgyPenguins saw a staggering surge of over 65% in the past seven days. It showcases the dynamic nature of the NFT space.

Contrastingly, Solana, a prominent NFT platform, had experienced a month-long decline in NFT sales in the past week. But on January 17, Solana NFT volume rose by an impressive 92.70%, comprising 141,120 unique transactions.

Solana market data , source : TIEXO

Leading this surge were key Solana NFT marketplaces, with Tensor and Magic Eden capturing significant market shares at 75.74% and 18.85%, respectively. The catalysts behind this resurgence are attributed to the success of the NFT marketplace Tensor and the performance of the MadLads NFT collection.

Amid Ethereum’s NFT market soared to a seven-month high and Solana, after a month-long decline, experienced a substantial surge in NFT volume with major players, such as OpenSea, adapting to challenges, indicating the industry’s resilience. This adaptability instills confidence in the NFT market’s continued growth and evolution.

Time Stamp:

More from TheNewsCrypto