Key Points
- Non-fungible tokens (NFTs) are witnessing a resurgence with a 28.1% increase in global sales volume.
- Bitcoin is leading the NFT hosting platforms with a 44% surge in daily trading volume.
NFTs are experiencing a revival after a challenging period, with a significant increase in demand. The latest statistics from CryptoSlam reveal a 28.1% surge in global NFT sales volume in the last 24 hours, culminating in over $38.2 million.
As a consequence, the total number of NFT transactions has risen by 26.2%, amounting to 249,125. Despite these positive trends, the NFT wash volume has decreased by 15.2% and currently sits at $10.6 million, according to CryptoSlam data. Among all NFT hosting platforms, Bitcoin is at the forefront with a remarkable 44% increase in daily NFT trading volume.
Bitcoin and Ethereum Leading in NFT Trading
The daily NFT trading volume on Bitcoin is nearing $16 million. Simultaneously, the Bitcoin blockchain reported $77,955 in wash trades. Sales from Ordinals have significantly contributed, nearly doubling in the past 24 hours to reach $4.47 million across 2,157 transactions.
Following Bitcoin, Ethereum’s daily NFT sales volume stands at $10.9 million, a 32% rise from previous levels. Despite an 11% decline in trading volume on the prominent NFT platform, Blur, the broader digital collectibles market is seeing a surge in sales. Blur’s total NFT sales volume is currently $14.14 million, with an average price of approximately $2,930 according to DappRadar data.
NFT Platforms Experiencing Growth
DappRadar reports significant growth in global NFT sales, primarily driven by Magic Eden, OKX NFT Marketplace, and OpenSea. These platforms have witnessed increases of 48.45%, 63.15%, and 18.66% respectively, over the past 24 hours.
While meme coins have dominated the crypto conversation since the start of 2024, NFTs are once again attracting investors. Nicolás Lallement, co-founder of NFT Price Floor, has noted signs of an NFT revival.
Lallement pointed out the growing demand for digital collectibles, referencing the recent sale of two Alien Punks, each sold for $16 million, and a record-breaking sale of Autoglyphs totaling $14.6 million in February.
He believes that the ongoing bull market and the potential for a level 2 summer are the perfect mix for a resurgence of quality NFTs. Lallement also emphasized the unique value of digital collectibles, highlighting their ability for “compelling, richer, and more sophisticated” storytelling.
