The recent movement of the price of Ethereum (ETH) has rekindled the dynamics in the universe of non -fungible tokens (NFT). Over the past two weeks, cryptocurrency has jumped by more than 50 %, reviving activity on platforms built on its network. This flight has led to a strong resumption of NFT exchanges based on Ethereum, reaching their highest level since mid-January.
In short
- The price of Ethereum has climbed more than 50 % in two weeks, stimulating a strong resumption of NFT exchange volumes.
- NFT on Ethereum's weekly sales exceeded $ 100 million, an increase of 62 %, accompanied by an increase in the number of buyers.
- A single portfolio acquired 45 cryptopunks in one day, illustrating the renewed interest in high value NFT.
The NFT market rebounds after the 2024 drop, carried by Ethereum
According to recent Crypto Slam data, NFT sales based on Ethereum exceeded $ 100 million last week, an increase of about 62 %. The number of individual buyers has also increased, increasing by more than 27 % over the same period. In addition, according to The Block, the NFT Ethereum alone generated $ 75 million out of the 143.5 million exchanged on the main blockchains, confirming the clear domination of ETH in the overall volume of NFT.
The NFT market shows signs of recovery after a long period of slowdown started since its peak of 2021. Exchange volumes had dropped sharply in recent years, but recent gains, in particular on Ethereum, suggest a revival of confidence in the participants.
The volume of NFT's exchanges flies away in a context of growing optimism on the Crypto market
One of the significant facts of this resurgence was the purchase of 45 cryptopunks in a single day by a single wallet, for a total of 2,082 ETH. The size and speed of this transaction drew market attention, illustrating the return of interest for high value NFT.
This increased activity has contributed to crossing the threshold of $ 6 billion in capitalization in the NFT market. According to Coingecko, Total capitalization jumped more than 23 %while the volume of exchanges exploded by more than 320 % over the last 24 hours.
On X, an Crypto market analyst stressed that the volume of Ethereum NFT has climbed more than 300 % over the month. Since the end of June, these volumes have gone from only 18.27 million to $ 75 million. The NFTs backed by Bitcoin also gained visibility, from 11.03 to 25.6 million over the same period.
This renewed interest in NFT is part of a generally bullish context for the Crypto market. Price increase, increased liquidity and improving general feeling seem to bring investors back to NFT. Ethereum's role as a reference blockchain in this area allows him to take full advantage of this return from demand.
Sector players redirect their priorities
At the same time, structural changes have been made in several major players in the sector. Earlier this year, Yuga Labs, behind the Bored Ape Yacht Club collection, announced a strategic refocusing. The company disengaged from several emblematic collections which it had acquired, such as cryptopunks, meebits or Moonbirds, now transferred to new owners. This decision marks a clear repositioning, while Yuga concentrates its efforts on the development of its virtual platform, Otherside.
If the upward trend in the Crypto market continues, NFT should logically take advantage of it. The continuous progression of ETH played a central role in the revival of the activity in this segment, after a long phase of withdrawal. The increases observed in volume, price and overall value bear witness to reinforced momentum, even if caution remains in order. At the time of the editorial staff, Ethereum continued to increase, earning more than 2 % over 24 hours and exchanging over 3,700 dollars.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
