At the beginning of 2024, cryptocurrency investors showed little interest in NFTs, but this situation has changed in recent weeks.
NFT sales have grown significantly, and activity for some collectibles has increased substantially. The market has seen a consecutive second-week increase, with sales growing by 10.95%.
The best collectibles have a mixed display.
However, not everything is rosy. The results of NFT series such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks have been mixed. CryptoPunks’ sales have dropped by 59%, and the average holding time has also decreased, indicating that some investors are selling their “punks.”
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On the other hand, MAYC’s sales have decreased by 53%, but the average holding time has increased by 74%, suggesting that investors have more confidence in holding Mutant Apes.
Despite the growing popularity of the cryptocurrency ApeCoin, it has not shown anything impressive. On the contrary, in less than a month, ApeCoin’s price has dropped by nearly 16%, severely impacting the future prospects of the asset.
The growth of Ethereum NFTs.
The rise of Ethereum-based NFTs like MAYC and CryptoPunks has once again propelled blockchain to the top of the NFT field. A few months later, Bitcoin regained its dominant position in NFT transactions with a sales volume of $3 billion in the past 154.8 days, according to data.
The renewed interest in Ethereum NFTs has supported the network’s activity and had a positive impact on the price of ETH.
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Bitcoin and Solana join the NFT race.
In terms of NFT trading volume, Bitcoin has now regained the second position. Despite the popularity of series like Node Monks and Bitcoin Puppets, Ethereum has still managed to steal the limelight.
If NFT activity on the Bitcoin network continues to decrease, it may have a negative impact on BTC’s price.
Solana ranks third in NFT trading volume, with Polygon trailing closely behind.
