What to know:
- The NFT market has bounced back since the U.S. presidential election in November, the report said.
- Galaxy noted that weekly trading volumes have reached $172 million.
- Leading NFT marketplaces such as OpenSea, Blur and Magic Eden have all seen increased activity, Galaxy said.
As a seasoned researcher with a keen eye for emerging trends and a soft spot for blockchain technology, I can’t help but be intrigued by the resurgence of the NFT market. Having closely followed its ebbs and flows since my early days in this digital frontier, I must say that the recent surge is nothing short of fascinating.
According to a report published on Monday by Galaxy Research, the NFT market appears to be bouncing back.
Non-Fungible Tokens (NFTs) are unique, digital representations stored on a blockchain network, symbolizing the ownership of either virtual or real-world items. They can be bought, sold, or exchanged much like traditional assets.
Over the course of the year, sales volume of NFTs (Non-Fungible Tokens) generally decreased, but starting from November, there was a shift in trend due to the U.S. presidential elections and a subsequent surge in the cryptocurrency market.
In early November, weekly NFT trading volumes surpassed $100 million for the first time since May, peaking at an impressive $172 million on December 2nd, as reported by Galaxy.
As an analyst, I’ve observed that the recent surge in our sector is predominantly fueled by heightened engagement within the top 25 digital asset collections, according to my research. Notably, this activity expansion is visible across prominent platforms like OpenSea, Blur, and Magic Eden.
Over the past thirty days, Blur and OpenSea accounted for approximately 60% and 27%, respectively, of the overall trading volume as indicated in the report.
In the Pudgy Penguins universe, Non-Fungible Tokens (NFTs) have exceeded expectations. Specifically, the value of NFTs within this ecosystem has surged by an impressive 206% for the Pudgy Penguins collection and an even more remarkable 265% for Lil Pudgys. This significant increase was further highlighted in the report.
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2024-12-18 14:20