In a year marked by a massive recovery run in the broader crypto market, the non-fungible tokens (NFTs) sector has displayed a contrasting performance.
While industry leaders like OpenSea have historically dominated the NFT space, relatively newer players, such as the Blur NFT marketplace, have emerged as formidable contenders.
- As of December 3, the Ethereum NFT market experienced a notable uptick in transaction volume, reaching an impressive $34.786 million. This surge marked the highest figure since June 29, according to data compiled by Dune Analytics.
- The NFT market has declined from the exuberant heights of 2021. OpenSea, once the unrivaled leader in the NFT niche – accounting for the majority of the market’s volume – is no longer the sole player dominating the scene.
- Blur, for one, emerged as a frontrunner, commanding an 80% market share, while OpenSea trailed behind with a mere 18%.
- Meanwhile, certain NFT collections witnessed remarkable increases in value over the last 24 hours.
- Pudgy Penguins, for instance, set a new high with an impressive 18% surge, surpassing the 10 ETH mark.
- Other collections, including Azuki and Milady, also experienced substantial growth, with increases exceeding 9% and 10%, respectively.
- NFT sales in Q3 2023 were the worst the market has seen in roughly three years, dipping below $300 million.
- During the quarter, prominent collections such as Azuki, Bored Ape Yacht Club, and Mutant Ape Yacht Club witnessed a decline of over 25% quarter-on-quarter.
- NFT collections associated with gaming and the metaverse also experienced the most significant drop last quarter, plunging by more than 40%.
- The latest shift in dynamics, however, follows a comeback staged by the sector in November after a year-long downtrend.
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