NFTs See Record Weekly Sales Amid Renewed Market Interest
The non-fungible token (NFT) market has seen a surge in weekly sales volume, with recent figures hitting as high as $129 million for a single week in November 2024. This marks one of the most significant recoveries since mid-2024, reflecting a renewed interest in digital collectibles. Ethereum-based NFTs continue to dominate the market, followed by emerging blockchains like Mythos Chain, which saw a remarkable 6,000% increase in sales in recent weeks
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The surge is driven by popular NFT collections like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club, which lead in trading volumes. Additionally, platforms such as Blur and OpenSea are benefiting from the uptick, with Blur surpassing $305 million in monthly trading volume, solidifying its lead in the marketplace
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This growth comes amidst a broader recovery in the NFT market, following a significant downturn earlier this year. While challenges remain, including decreased overall market momentum compared to 2021 highs, the increase in active traders and transaction volumes suggests that NFTs are regaining traction among investors and collectors
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