NFT Trading Volume Reaches Three Month High
Crypto News

NFT Trading Volume Reaches Three Month High

Created 7mo ago, last updated 7mo ago

Daily NFT trading volume reached a three-month high on Monday, totaling $19.1 million.

NFT Trading Volume Reaches Three Month High
Daily NFT trading volume reached a three-month high on Monday, totaling $19.1 million. The surge in trading activity was partly driven by Wylie "Gordon Goner" Aronow, co-founder of the Bored Ape Yacht Club (BAYC), who made a significant purchase of a CryptoPunks NFT.

Aronow acquired CryptoPunk #7458 for 600 ETH ($1.1 million) on the secondary market, marking the largest purchase of the day. Yuga Labs, the creator of BAYC, acquired the intellectual property of CryptoPunks in March 2022.

While the CryptoPunks sale was notable, other factors also contributed to the market's extraordinary performance. A recent episode of "The Simpsons" criticizing the NFT industry sparked interest and encouraged the creation of various copycat NFT collections. On Monday, these projects made millions of dollars in sales.

The boost in trading volume comes after NFT trade volumes reversed a year-long decline in October, increasing 32% over the previous month. Monday's NFT trading volume of $19.1 million exceeded any day in October.

In October, trade volume on Blur, an NFT platform that overtook OpenSea earlier this year, grew increasingly concentrated. By the end of the month, Blur had 73% of total NFT trading volume, while OpenSea had 18%. The heightened activity on Blur could be attributed to the platform's forthcoming Season 2 finale, which incentivizes traders with the chance of an airdrop.

Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article