Recently, the NFT trading platform Blur has seen consecutive weekly increases, with a monthly gain of nearly 80%. The NFT sector has shown unusual movements, with a monthly return rate of 50% for tokens. The floor prices of blue-chip NFT series have rebounded by over 30% within 7 days, indicating a warming trend in the NFT sector. However, compared to the price increases in Ethereum-based NFTs, Solana and BTC-based NFTs still perform mediocrely. This article will give you a quick overview of the recent Ethereum-based NFT data and analyze the reasons for the warming.
The positive data from the Ethereum NFT sector shows that, according to Sosovalue data, the NFT sector has performed well in the past month, with overall data gradually climbing. The monthly investment return rate can reach 50%, but compared to the nearly 100% monthly return rates of popular narratives such as PayFi, RWA, and AI, it still does not belong to the mainstream narratives of this round of speculation. Source: https://币界网.com/zh/assets/cryptoindex/NFT. According to CryptoSlam data, the overall sales of NFTs have also shown a rebound trend. In October this year, the total trading volume of NFTs began to grow, breaking the trend of seven consecutive months of declining monthly sales, reaching $356 million, a month-on-month increase of 18%. Additionally, the number of NFT transactions has gradually increased, with October's transaction number reaching 7.2 million, a 42% increase from September's 5 million. November saw a significant increase in NFT sales again, growing by 57.8% from October to over $562 million. The sales volume on the Ethereum network exceeded $216 million, a 12% increase from October. Source: https://www.cryptoslam.io/nftglobal?timeFrame=month&headerPeriod=30d. Among them, CryptoPunks leads the NFT market, with 30-day sales exceeding $49 million, a month-on-month increase of nearly 400%. Additionally, according to Blur data, the floor prices of blue-chip NFT series have rebounded by over 30% within 7 days. Among them, the floor price of Bored Ape Yacht Club increased by 72% in 7 days, Pudgy Penguins increased by 29%, and Mutant Ape Yacht Club increased by 97%. Compared to the warming of the ETH NFT sector, the Solana NFT sector still performs mediocrely. According to CryptoSlam data, the CryptoSlam ETH NFT Composite Index, which measures the performance of the ETH NFT market, has rebounded nearly 40% in the past three months. In contrast, the Solana NFT index has shown almost no fluctuation over the past three months, having dropped 48% since the beginning of the year. The infrastructure for Solana NFTs, TNSR and MPLX, has also not seen significant increases. Source: https://www.cryptoslam.io/indexes/cseth. Ethereum's recovery has led to a gradual overflow of liquidity. Since the hype surrounding Ethereum ETFs began, with net inflows of ETFs continuously rising, the overall Ethereum ecosystem has been slowly warming. According to Sosovalue data, the number of net inflow days and amounts in the Ethereum ecosystem are on the rise. The price of ETH has also climbed accordingly, with a nearly 45% increase in the past month, rising from around $2500 at the bottom to $3700. The staking sector Puffer has doubled in the past week, and EIGEN has also seen a 30% increase in a week. Source: https://币界网.com/zh/assets/etf/Total_Crypto_ETH_ETF_Fund_Flow?page=usETH. In addition to the recovery of exchange coin prices, on-chain liquidity is also gradually overflowing. According to The Block data, the monthly trading volume on the Ethereum chain has gradually increased over the past three months, exceeding the trading volume of March in November, reaching this year's peak of $183.7 billion. Source: https://www.theblock.co/data/on-chain-metrics/ethereum/ethereums-adjusted-on-chain-volume-monthly. Apart from Ethereum's recovery and liquidity overflow, the overall prices in the NFT sector are at relatively low levels historically. Users who have held NFTs for a long time may be less likely to choose to sell before the initial launch, suggesting that the NFT market may have certain potential in terms of circulation and supply. Furthermore, with the upcoming ME TGE, Truemarkets predicts that market NFT attracting purchases from V God and other actions have also garnered significant attention from the market. However, whether the NFT market can rise again relies solely on a brief overflow of liquidity is insufficient. It is necessary to further seek innovation, match demand, and implement real application scenarios to be effective.

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