The mainstream is ready to talk about non-fungible tokens (NFTs) again.
In the past week, Elon Musk, Joe Rogan, Mark Cuban, and now The Simpsons have all uttered the phrase “NFTs.” They all go so far as to discuss the technology, the market, or, in the case of The Simpsons, dedicate their annual Halloween special to the subject.
While this could be a sign that NFTs are back (and you could even back that up with some data), some bigger indicators show that a real recovery may still be a while away.
Looking at last week’s data, we can see the continued uptrend that NFTs are undeniably in.
Apart from the trading profits, everything is fine. Global NFT sales surpassed the $100 million threshold for the first time since mid-August, and laundry product sales are at the highest level in almost four months. This was also the fourth week in a row in which total NFT sales increased.
We still need to focus on the number of transactions and the lack of growth there. Those already in NFTs have a renewed conviction to buy grails, but outside of these traders we don’t see anyone spending their crypto on NFTs. This should be concerning or at least temper expectations.
For the time being, a certain group of traders is very active. Particularly those that provide liquidity to the rest of the market. Right now they’re buying grail NFTs like rare CryptoPunks and Bored Apes, and scooping up NFTs from iconic collections like Cryptoadz, Doodles, and even Supducks are seeing some life. Normally, these types of purchases trickle down the food chain to the broader NFT community and create long-lasting mini-runs.
Expect the current market trend to continue for at least the next 13 days before Blur’s Season 2 ends on November 20. The $BLUR token these traders operate has risen to US$0.36, putting the token firmly back on the menu for épées.
Last week, Memeland gave their new $MEME coin worth millions of dollars to their NFT holders and injected liquidity into the NFT market. Next up, we’ll have $BLUR and Friend.tech airdrops to add more fuel to the fire that is priming the NFT market for its typical January launch.
Up and down, and above all, have fun collecting. That’s why we’re here, after all.
View the graphs
- Bitcoin’s $SATS BRC-20 collection is the best-selling blockchain collectible in the past week with sales of over $10.4 million. Controversial? Yes. Still impressive and worth paying attention to? Yes.
- Bored Apes, The Captainz, CryptoPunks, Mutant Apes and Potatoz traded together for more than $29 million, indicating that buyers armed with liquidity are once again looking for pure collectibles.
- Sorare’s massive one-of-a-kind Victor Wembanyama NFT sale last week shows the demand for fantasy sports powered by NFTs. The 1/1 player card sold for 61.18 ETH (US$110,000).
- Several CryptoPunks have made bids of $1 million in the past week. Expect this historic collection to continue to rip.
- Ethereum NFTs rose to over $70 million in sales this week, an increase of over 23% from last week. Wash sales are also down as merchants earn points for $BLUR.
- Bitcoin is back in a big way, driven by BRC-20 swap platforms and renewed interest in Ordinals. Sales are up 193%, and new art platforms featuring major artists this week could boost sales even further.
- Mythos Chain thrived in the bear market, but is now showing that it can stay with the pack even in bullish environments. DMarket’s Counterstrike gaming skins still drive 99% of the blockchain’s revenue, with sales volume of $7.6 million from the collection.
- Don’t let Solana’s hardly bad week fool you. The week before they had a huge sales week thanks to Backpack’s upcoming trade show in Dubai, and this week they held up, with sales of over $7.3 million.
