Would non-fungible tokens (NFTs) take advantage of the overall rise in the cryptocurrency market to make headlines again? This is what on-chain data seems to indicate, with “blue chip” collections seeing their floor price increase significantly in recent times.
Are NFTs coming back to the forefront?
Against all expectations, might non-fungible tokens (NFTs) finally be history?
While the cryptocurrency market is benefiting greatly from Donald Trump's victory in the last presidential elections, driven by Bitcoin proudly displaying an increase of 33%, collections of “blue chip” NFTs seem to want to join the party.
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So, over the last 30 days, the emblematic collection of the Bored Ape Yacht Club (BAYC) saw its floor price almost doublegoing from just over 10 to 19 ETH at the time of writing. The Mutant Ape Yacht Club (MAYC) parallel collection saw a more moderate increase, of just under 30% over the same period.
The collection with the highest floor price, that of the historic Cryptopunks, saw its floor price increase by 57%. The Pudgy Penguins and the Milady Maker NFTs, although having a lower floor price, are not left out, the latter having increased by 58 and 44% respectively.
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Among the top 20 NFT collections, the largest increase in floor price is on the Doodles side, with an increase of 177%. In parallel with the overall increase observable on most blue chip collections, the Doodles also made headlines by signing a partnership with McDonald's in mid-November.
In terms of overall amounts exchanged, we observe a clear increase in the volume processed around NFTs. While daily volumes traded capped at $7 million for several months, the latter peaked at $17.8 million on November 15.
Regarding NFT exchange platforms, majority of volume traded comes from Bluralthough the number of active traders is higher on OpenSea. Over the last 7 days, Blur captured 52.3% of total volume traded, compared to 28% for OpenSea.
Historical leader in the NFT market segment, OpenSea accounted for more than 75% of the volume exchanged alone at its peak, sometimes even more than 90%. However, the arrival of Blur in October 2022 did it a lot of harm, dropping its market share to less than 20%.
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However, OpenSea seems to be getting back on track since the end of June 2024. Furthermore, a significant change of direction was recently announced by the historic platform, which should be effective next month, although few details are available. its subject have been revealed.
Market shares of the main marketplaces for NFTs
Although on the rise, NFTs are still far from their records. During the summer of 2021, several billion dollars were exchanged to acquire non-fungible tokens, amounts incomparable with the current market. However, one thing has not changed: it is the Ethereum blockchain which hosts the vast majority of successful NFTs.
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Sources: NFT Price Floor, Dune
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