Recently, the NFT trading platform Blur has seen consecutive weekly increases, with monthly growth nearing 80%. The NFT sector has shown unusual activity, with token monthly returns reaching 50%. The floor prices of blue-chip NFT series have rebounded more than 30% within 7 days, and the NFT sector seems to be showing signs of recovery. However, compared to the rising prices of Ethereum ecosystem NFTs, Solana and BTC ecosystem NFTs still perform modestly.
This article will give you a quick overview of recent NFT data in the Ethereum sector and analyze the reasons for the recovery.
The data of the Ethereum NFT sector is looking good.
From the overall trend of the NFT sector, 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 like PayFi, RWA, and AI, it still does not belong to the mainstream narratives of this round of speculation.
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 a seven-month continuous decline in 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 count reaching 7.2 million, a 42% increase from September's 5 million. In November, NFT sales achieved significant growth again, increasing 57.8% compared to October, exceeding $562 million. Ethereum network sales exceeded $216 million, a 12% increase from October.
Among them, CryptoPunks leads the NFT market with a 30-day sales volume 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 more than 30% within 7 days. 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 recovery of the ETH NFT sector, the Solana NFT sector is still performing modestly. 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 fluctuations in the past three months and has declined by 48% since the beginning of the year. The Solana NFT infrastructure TNSR and MPLX have also not seen significant increases.
Ethereum is recovering, and liquidity is gradually overflowing.
Since the speculation surrounding the Ethereum ETF, as net inflows into the ETF continue to rise, the overall Ethereum ecosystem sector is slowly warming up. According to Sosovalue data, the number of days and amounts of net inflows into the Ethereum ecosystem are continuously increasing. The price of ETH has also risen accordingly, with a nearly 45% increase in the past month, rising from around $2500 at the bottom to $3700. The re-staking sector Puffer has doubled in the past week, and EIGEN has also seen a 30% increase this week.
In addition to the rebound in exchange coin prices, on-chain liquidity is also gradually overflowing. According to The Block data, the monthly trading volume on the Ethereum chain has been steadily increasing over the past three months, with November's trading volume surpassing March's peak at $18.37 billion.
In addition to the recovery of Ethereum and the overflow of liquidity, the overall prices in the NFT sector are at relatively low levels compared to previous years. Users who still hold NFTs long-term may choose to sell less frequently at the early stage of launching. From the perspective of circulation and supply, the NFT market may have some potential. Additionally, with the ME TGE approaching, Truemarkets predicts market NFT attracting purchases by V God and other actions have also drawn significant market attention.
However, whether the NFT market can rise again cannot rely solely on brief liquidity overflow. It requires further innovation to match demand and implement real application scenarios to be effective.
