WedNewsDay! NFT sales volume jumps to $129M in November according to Nansen Data!

Blockchain analytics firm Nansen has reported that the trading volumes of Nonfungible Tokens (NFTs) reached 68,342 ETH in the week ending November 6th. NFTs have displayed a consistent growth in weekly sales volumes, denominated in Ether (ETH), according to data from the blockchain analytics platform Nansen.

In a recent announcement on X (formerly known as Twitter), Nansen highlighted that as of the week ending October 9th, NFT sales were recorded at 29,704 ETH, equivalent to approximately $56 million at the prevailing ETH market rates. The sales volume has steadily increased each week since then, culminating in a figure of 68,342 ETH, valued at over $129 million.

During the past 30 days, NFT marketplace Blur captured the largest share of NFT trading volume. According to data aggregator NFTGo, Blur recorded a trading volume of 161,433 ETH, which translates to approximately $305 million. In the second position was OpenSea, a competitor, with a trading volume of 52,307 ETH, equivalent to around $100 million.

Regarding NFT collections, the Bored Ape Yacht Club (BAYC) led the way in trading volume over the last 30 days, amassing 35,226 ETH, or roughly $66.7 million. This was followed by the Mutant Ape Yacht Club (MAYC) at 14,947 ETH and The Captainz at 9,948 ETH.

CryptoPunks, while maintaining its position as the top NFT collection by market capitalization, had a trading volume of only 5,773 ETH during the same 30-day period.

Additionally, data from NFTGo indicates a 12% increase in the number of NFT traders in the past seven days. There were 22,804 buyer addresses and 27,308 seller addresses during this period. Meanwhile, the count of wallets holding NFTs remained at approximately six million.

The rise in NFT trading volumes occurred amidst what appeared to be bearish news for the NFT market. On November 3rd, NFT marketplace OpenSea announced a significant staff reduction, laying off half of its employees as it prepares to launch its second version. That concludes today’s WedNewsDay, we hope you all had fun reading it! Keep an eye out for WedNewsDay the following week and don’t forget to follow us on social media. Thank you!

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