NFTs Making a Comeback Amid Cryptocurrency Boom
In the wake of the broader cryptocurrency market’s surge, non-fungible tokens (NFTs) are experiencing renewed interest. On-chain data reveals significant increases in the floor prices of top NFT collections, challenging the notion that NFTs were a fleeting trend. Learn more about NFTs Making a Comeback.
Top NFT Collections: Evidence of NFTs Making a Comeback
Recent data highlights the resurgence of prominent collections:
- Bored Ape Yacht Club (BAYC): Nearly doubling its floor price to 19 ETH.
- Mutant Ape Yacht Club (MAYC): Rising nearly 30%.
- Cryptopunks: A staggering 57% increase in base price.
- Pudgy Penguins and Milady Maker: Notable growth of 58% and 44%, respectively.
The Doodles collection led the pack with an extraordinary 177% increase, fueled by a collaboration with McDonald’s announced in mid-November.
Trading Volume Surge: More Proof of NFTs Making a Comeback
NFT trading volumes have also skyrocketed, jumping from stagnation at $7 million daily to a peak of $17.8 million on November 15th. Platforms like Blur dominated the volume, capturing 52.3% of trades over the past week, far outpacing OpenSea’s 28%.
Ethereum: The Home of Successful NFTs
Despite competition, Ethereum continues to dominate as the blockchain of choice for most high-performing NFT collections, further cementing its role in this market revival.
