NFT market revives as major collections soar in sales and volume

Major $NFT collections see increased demand as sales and trading volume soar across several networks.

As the crypto market rallied after a prolonged crypto winter, the non-fungible tokens ($NFT) market also hints at a comeback — the trading volume of several major collections recording significant highs after months of steady decline.

According to the data from Coingecko, the floor prices of the top 15 $NFT collections have significantly soared over the last few days, demonstrating increasing demand.

Most notably, the floor price of the Bored Ape Yacht Club (BAYC) collection has increased over 70% in a month, from $24.8 in the first week of October to $30.90 on Nov. 13. BAYC’s 24-hour trading volume has also risen by 51% today, showcasing increased trading across marketplaces.

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TOP NFTs | Source: CoinGecko

The 24-hour trading volume of Captainz, a popular collection from Memeland, soared by over 680% since yesterday.

You might also like: CryptoPunks drive $NFT surge with $1.1m sale

Data from Dune Analytics show that $NFT trading volume across major marketplaces in November recorded the highest figures since July. On Nov. 10, daily trading volume reached a four-month high, with Blur accounting for the lion’s share of the trades.

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$NFT trading volume across major marketplaces | Source: Dune

In terms of sales volume, CryptoPunks led the way with a 373% increase in weekly sales. BAYC also recorded a 42% increase in sales.

Overall, weekly $NFT sales increased by over 60% on Ethereum (ETH) and Solana (SOL) networks. Bitcoin’s BRC-20 collections also saw increased demand, with $SATS and $RATS making notable sales over the week.

Blockchains by $NFT sales volume | Source: CryptoSlam

The rising sales and trading volumes suggest a positive Q4 for the $NFT market, with increased demand across all major marketplaces. However, the non-fungible tokens market is still a mere shadow of its 2021 peak. If the positive sentiment continues to sustain over the new year, we might see the overall market revive to some extent.

Read more: Blur token skyrockets as $NFT sales surpass the $10m mark