NFT Marketplace Shows Signs of Recovery as Trading Volume Surges

The Non-Fingible Tokens (NFTs) market has seen quite a downtrend since last year despite its earlier hype and rising demand.

The Non-Fungible Tokens (NFTs) market has seen quite a downtrend since last year despite its earlier hype and rising demand. This incident confirms the high volatility, playing with digital assets’ value and their performance over time.

Earlier, the NFT marketplace was $617 Billion in market cap in its prime but has declined to $45 billion, indicating a disappointing situation for the popular pieces. These pieces were sold for millions of dollars at a time but now have lost almost half of their value. However, the last few days of stats have indicated a surge in the marketplace, presenting hope for recovery.

Non-Fungible Token market cap saw a 2% surge in the last 24 hours and a 3.7% surge over the week. The Sales volume, which is currently at $12.2M with a 3.34% surge today. However, after analyzing the weekly stats, the number is much higher at $103.7 Million after a 35.67% increase. In this time, 381,157 sales were, which is worth considering after its constant earlier drops.

In this, many blockchains for NFTs saw a positive week. For example, Solana sales increased by 23.31%, Immutable increased by 12.31%, Arbitrum ones increased by 174.74%, and Avalanche had the highest sales by an 1157.43% surge. Moreover, on analyzing the week’s data, almost all the blockchains, seven out of the top ten, had positive growth, adding to the recovery point of the market.

Moreover, a significant surge in the number of buyers is also seen. Per the CryptoSlam stats, around 500,376 NFT buyers were present this week, which is 38% higher than the previous week’s record.

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