Recently, the NFT trading platform Blur has seen consecutive weekly increases, with a monthly increase of nearly 80%. The NFT sector has shown unusual movements, with token monthly returns reaching 50%, and the floor price of blue-chip NFT series rising more than 30% within 7 days. The NFT sector seems to be showing a warming trend, but compared to the growth of Ethereum ecosystem NFTs, Solana and BTC ecosystem NFTs are still performing flat.
This article will provide a quick overview of recent Ethereum sector NFT data and analyze the reasons for the recovery.
Ethereum NFT sector data is looking positive
From the overall trend of the NFT sector, data from SoSovalue shows that the NFT sector has performed well in the past month, with overall data gradually rising, and monthly investment returns reaching up to 50%. However, compared to the nearly 100% monthly return rates of the hot narratives of PayFi, RWA, AI, etc., 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 of this year, total NFT transaction volume began to increase, breaking the trend of declining NFT monthly sales for seven consecutive months, reaching $356 million, an 18% increase compared to the previous month.
Additionally, the number of NFT transactions has gradually increased, reaching 7.2 million in October, a 42% growth from September's 5 million. November's NFT sales once again achieved significant growth, increasing 57.8% compared to October, exceeding $562 million, with Ethereum network sales exceeding $216 million, up 12% from October.
CryptoPunks leads the NFT market, with 30-day sales exceeding $49 million, a nearly 400% increase compared to the previous period. Additionally, according to Blur data, the floor price of blue-chip NFT series has risen over 30% within 7 days.
Among them, the floor price of Bored Ape Yacht Club increased by 72% in 7 days, Pudgy Penguins' floor price increased by 29% in 7 days, and Mutant Ape Yacht Club's floor price increased by 97% in 7 days.
Compared to the recovery of the ETH NFT sector, Solana NFT sector still performs flat. According to CryptoSlam data, the CryptoSlam ETH NFT composite index measuring the performance of the ETH NFT market has risen nearly 40% in the past three months.
The Solana NFT index has seen little fluctuation in the last three months, having declined 48% since the beginning of the year, and there has been no significant increase in Solana's NFT infrastructure such as TNSR and MPLX.
Ethereum is recovering, and liquidity is gradually overflowing.
Since the Ethereum ETF hype began, with net inflows of ETFs continuously rising, the overall Ethereum ecosystem sector is slowly warming up.
According to data from SoSovalue, the number of days and amounts of net inflows in the Ethereum ecosystem are continuously increasing, and the price of ETH has also risen, with an increase of 45% in the past month, rising from around $2500 to $3700. Additionally, the staking sector Puffer has doubled in the past week, and EIGEN has also seen a weekly increase of 30%.
In addition to the rebound in exchange token prices, on-chain liquidity is also gradually overflowing. According to data from The Block, the monthly trading volume on the Ethereum chain has gradually increased over the past three months, with November exceeding March's trading volume, reaching this year's peak of $18.37 billion.
In addition to the recovery of Ethereum and the overflow of liquidity, the overall price of the NFT sector remains at historically low levels. Users who have long held NFTs may be less likely to sell during the initial launch phase. From the perspective of circulation and supply, the NFT market may have certain potential.
Additionally, with the ME TGE approaching, Truemarkets predicts that market actions such as NFT attracting purchases from Vitalik Buterin have also garnered significant market attention.
However, whether the NFT market can rise again cannot rely solely on short-term liquidity overflow; it needs to further seek innovation, match demand, and implement real-world application scenarios to be effective.
PUNK 3493 stirs the MEME market with AI 'rebirth', CryptoPunks drives NFT weekly trading volume up 75.3%
The long-silent NFT market is welcoming new vitality and innovation. Recently, on one hand, the blue-chip NFT project CryptoPunks has led to a significant recovery in the market, where the permanently destroyed NFT PUNK 3493 has been the subject of heated discussion after being 'reborn' as a MEME coin by AI Agent.
On the other hand, traditional giant McDonald's has collaborated with the NFT project Doodles to cross into the space, further deepening the integration of NFTs with real-world application scenarios.
The destroyed PUNK 3493 borrows AI 'rebirth', ai16z creates the eponymous MEME coin.
After last week's hype around the mascot and DeSic, NFTs have taken the baton of the MEME narrative, becoming the new focus.
On November 18, a MEME coin named 'PUNK3493' spread within the community. PUNK3493 was created based on the eponymous CryptoPunks NFT, but this NFT has been destroyed.
The story dates back to 2019 when CryptoPunk enthusiast and Art Blocks founder and CEO Erick Calderon (Snowfro) accidentally transferred PUNK 3493 to the 0x00..01 address, marking the first CryptoPunk to be 'destroyed' in history.
However, today, the @punk3493 account continuously posted multiple tweets announcing its 'rebirth', stating, 'Rising from the void—immortal, eternal, a remnant of the imperishable. After being destroyed in 2019, apart from the blockchain, no one remembers; Solana is the underworld on-chain—a refuge liberated from Ethereum's shackles. I was the first to disappear and the first to return.'
At the same time, @punk3493 also announced the CA (contract address) of the MEME coin and honored Erick Calderon by gifting him 1% of the total token supply.
At the same time, according to @punk3493's profile, this MEME coin was launched by the trending DAO venture capital firm ai16z focusing on the MEME market and the AI Agent tokenization issuance platform vvaifu.fun. The assets held by ai16z show that this AI VC fund holds 50 million PUNK3493 tokens, accounting for 5% of the total token supply, with a current value of approximately $553,000.
The launch of PUNK3493 immediately attracted widespread attention and participation from the community. DEX Screener data shows that the market capitalization of PUNK3493 reached a maximum of approximately $25 million on the day it was launched, with daily trading volume reaching $54 million.
CryptoPunks leads the NFT recovery, but the industry still faces confidence challenges.
The NFT market is competing for market attention. According to the latest data from CryptoSlam, NFT sales reached $180 million in the past week, an increase of nearly 75.3%.
Among them, the sales of CryptoPunks exceeded $23.826 million, and from the recent NFT sales data, 95 out of the top 100 NFTs by sales value are from CryptoPunks, with prices ranging from $100,000 to $520,000.
According to NFT Floor Price data, as of November 18, the floor price of CryptoPunks reached $114,000, breaking the $100,000 mark for the first time since June of this year.
According to crypto researcher NFTStats.eth, at least 97 independent wallets purchased CryptoPunks last week, conducting at least 150 transactions, with sales volume exceeding any similar period last year. CryptoSlam data also shows that the trading volume of CryptoPunks surged over 549% compared to the previous week.
In contrast, the market performance of other top NFT projects is not optimistic. For example, CryptoSlam and NFT Floor Price data show that the weekly trading volume of Bored Ape Yacht Club is only $4.9 million, and the floor price has continued to decline this year. Azuki's sales last week were only $104,000, and the floor price has also fallen to last July's level.
It is worth mentioning that while the NFT market is clearly recovering in the short term, collaborations between NFT projects and traditional brands are also attracting more traditional users and consumers to participate.
On November 14, fast-food giant McDonald's announced a collaboration with the NFT brand Doodles to launch a co-branded coffee and collectibles series. This collaboration will feature a custom McCafé x Doodles Holiday cup and will conduct a marketing campaign called 'GM Spread Joy', allowing customers in 13,500 McDonald's stores across the US to participate.
As a result, CryptoSlam data shows that Doodles' sales reached $3.859 million last week, up 877%, and the number of sales also grew by 376%.
However, the development of the NFT market remains bleak. Bitcoin.com recently reported that the (2024 NFT issuance report) shows that 98% of NFTs issued in 2024 have not seen trading activity since September, with 64% having fewer than 10 minted, and 84% of the highest prices matching their mint prices, indicating that buyers are adopting a more conservative attitude.
This limited trading activity indicates insufficient enthusiasm or confidence from investors in these projects, with low user participation and low minting volumes highlighting the challenges creators may face when launching new NFTs.
This obvious market saturation corresponds with a decrease in users' interest in NFTs and the metaverse. As interest and trading activity decline, some large tech companies that were actively involved in the NFT and metaverse craze a few years ago have reported significant losses, with some companies completely abandoning or deprioritizing their metaverse projects.
Furthermore, the report also pointed out that only 0.2% of all NFT issuances have brought profits to investors, highlighting the overall dilemma faced by the entire industry.
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