In early 2024, cryptocurrency investors did not show much interest in NFTs, but this has changed in recent weeks.
NFT sales have grown significantly, with activity on some collections increasing drastically. The market has seen a second consecutive week of growth, with a 10.95% increase in sales.
The best collections showcase a mixed bag
However, not everything is rosy. Results for NFT series like Ethereum’s Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks have been mixed. CryptoPunks sales have dropped by 59%, with a decrease in average holding time, indicating some investors are selling their “punks.”
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On the other hand, MAYC’s sales have decreased by 53%, but the average holding time has increased by 74%, suggesting investors have more confidence in Mutant Apes.
While the cryptocurrency ApeCoin is gaining popularity, it has not shown anything particularly impressive. Instead, in less than a month, ApeCoin’s price has dropped by nearly 16%, severely impacting the future prospects of the asset.
Ethereum NFT growth
The rise of Ethereum-based NFTs like MAYC and CryptoPunks has once again propelled blockchain to the top of the NFT arena. Several months later, according to data, Ethereum has reclaimed its dominant position in NFT transactions with $30 billion in sales over the past 154.8 days.
Crypto Grand Slam
The renewed interest in Ethereum NFTs has supported activity on the network and positively impacted the price of ETH.
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Bitcoin and Solana join the NFT race
In terms of NFT trading volume, Bitcoin is now back in second place. While series like Node Monks and Bitcoin Puppets are popular, Ethereum continues to steal the spotlight.
If NFT activity on the Bitcoin network continues to decline, it could have a negative impact on BTC’s price.
Solana ranks third in NFT trading volume, closely trailing behind Ethereum.
