Rock

Solana

Immutable

Million

Avalanche

<p>The Non-Fingible 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.</p>
<p>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.</p>
<h2 id="nfts-trading-volume-surgedsignificantly">NFTs Trading Volume Surged&nbsp;Significantly</h2>
<p>As per the CoinmarketCap stats, there has been an almost 2% surge in the <a href="https://coingape.com/glossary/nft-non-fungible-token/" rel="noopener noreferrer nofollow">Non-fungible Token</a> market cap in the last 24 hours and a 3.7% surge over the week. The same is true with 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.</p>
<p>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. &nbsp; 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.</p>
<p><img decoding="async" src="https://coingape.com/wp-content/uploads/2024/08/image-2024-08-26T185851.662.png" alt="NFT Blockchains Data" width="658" height="468"></p>
<p>Moreover, a significant surge in the number of buyers is also seen. Per the <a rel="noopener noreferrer nofollow" href="https://www.cryptoslam.io/">CryptoSlam</a> stats, around 500,376 NFT buyers were present this week, which is 38% higher than the previous week’s record.</p>
<h3 id="how-much-is-the-worth-of-previous-expensive-nfts-today">How Much Is The Worth of Previous Expensive NFTs Today?</h3>
<p>Despite the rise in the NFTs market activity, the second quarter is still in the 45% decline. With a sales volume of $2.24b for these digital assets, this is the lowest performance since mid-July.</p>
<p>This overall decline is due to the declining popularity of these Non-Fungible Tokens among investors. Even popular pieces like the Bored Ape, Crypto Punks, and many others have seen significant drops in their values.</p>
<p>One significant piece, Bore Ape #8817, which was sold for $3.4M at the time, is now worth only $665,000 per <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/nft/collections/eth/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d/BoredApeYachtClub/" target="_blank">CoinmarketCap</a>.&nbsp; Similarly,&nbsp; EtherRock #93, a part of the Pet Rocks collection, was sold for $1.8 Million in its prime. But today, it is down by $1 Million or even more.</p>
<p>Where the NFT market is struggling, the crypto market is also not at its finest. However, with shallow bulls, few have managed to bag heavy gains. For example, this one<a href="https://coingape.com/crypto-trader-makes-12x-profit-with-this-ton-ecosystem-token/" rel="noopener noreferrer nofollow"> crypto trader made 12x profits with the TON ecosystem</a> with shifting trends.</p>
<h2 id="final-thoughts">Final Thoughts</h2>
<p>Non-Fungible Tokens had a rough patch since the beginning of the year. However, a slight possibility of recovery is feasible based on the new sales in the market. The overall NFT marketplace has had a 4% surge in the last seven days. However, compared to its prime days, it is at a serious loss. Moreover, the pieces that were worth millions at a time are now sold for a mere thousand, indicating a dying trend for this category.</p>
<p>The post <a href="https://coingape.com/trending/are-ntfs-making-a-recovery-after-almost-hitting-rock-bottom/" rel="noopener noreferrer nofollow">Are NTFs Making A Recovery After Almost Hitting Rock Bottom?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Are NTFs Making A Recovery After Almost Hitting Rock Bottom?

Table of Contents

Coingape News Media

Other articles published on Aug 26, 2024

Polygon, Avalanche & ZKsync Discords Hacked in Rapid Succession

Vitalik Buterin Reacts to Telegram Founder Pavel Durov Arrest

Floki Becomes Official Partner of Nottingham Forest for Premier League 2024/2025 Season

Coinbase Teases cbBTC on Base Network, Potential Rival to Wrapped Bitcoin

Investors Pour $533 Million into Crypto

Shiba Inu Team Initiates DAO Launch

Join our free newsletter for daily crypto updates!