NFT market revival: Ethereum takes the lead as sales surge

• NFT sales volumes grew by 10.95% over the last week.
• Ethereum regained the top spot in the NFT sector.

While crypto investors weren’t initially flocking to NFTs in 2024, the past few weeks have seen a shift in the market. NFT sales are on the rise, with some collections experiencing significant surges in activity.

The NFT market recently saw gains for the second consecutive week with sales up by 10.95% during this period.

Blue-chip blues

However, the picture wasn’t entirely rosy. Ethereum-based NFT big names like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks haven’t seen uniform growth.

CryptoPunks’ sales volume dropped a hefty 59%, and the average holding time for these digital avatars has also dipped. This suggests some investors might be offloading their Punks.

MAYC, on the other hand, witnessed the same level of disinterest. The sales, though down 53% compared to earlier highs, show a different story.

The average holding time for MAYC NFTs skyrocketed by 74%, indicating investors are holding onto their Mutant Apes with confidence.

ApeCoin sees no love

Despite the resurgence in MAYC popularity, ApeCoin, the cryptocurrency linked to these Ape collections, hasn’t mirrored the growth.

ApeCoin’s price has actually fallen by nearly 16% in the past month. Even if the resurgence in interest in Ethereum NFTs hasn’t helped ApeCoin, the future of the token looks extremely glib.

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The rise of Ethereum NFTs like MAYC and CryptoPunks has propelled Ethereum back to the top spot in the NFT space. For months, Bitcoin dominated NFT transactions, but renewed interest in Ethereum NFTs has revitalized the network’s overall activity.

According to CryptoSlam’s data, the Ethereum network saw $154.8 million worth of NFT sales being made on the network over the past month.

The surge in activity on the Ethereum network can also help improve the overall sentiment around ETH and help the altcoin in terms of price movement.

Bitcoin has been pushed to second place in terms of NFT volume. While collections like NodeMonks and Bitcoin Puppets remain popular, Ethereum’s resurgence has shifted the focus.

If activity on the Bitcoin network continues to decline and investors lose confidence in Bitcoin NFTs, the price of BTC can be affected negatively.

Solana remained a close third in NFT volume, with Polygon trailing just behind.

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Source: Crypto Slam