By
Temitope Olatunji
April 26th, 2024
Out of all NFT hosting platforms, Bitcoin stands out with an impressive 44% increase in its daily NFT trading volume, surging to $16 million.
After going through a rough patch in recent weeks, non-fungible tokens (NFTs) are once again gaining momentum amid increased demand. As per the latest data from CryptoSlam, the global NFT sales volume has shot up by 28.1% in the last 24 hours while reaching over $38.2 million. As a result of this, the total number of NFT transactions have surged by 26.2%, totaling 249,125. However, despite these encouraging trends, the NFT wash volume tanked by 15.2% and is currently placed at $10.6 million, as per the CryptoSlam data. Amid all NFT hosting platforms, Bitcoin is leading with a staggering 44% surge in daily NFT trading volume.
Currently, the daily NFT trading volume on Bitcoin has reached close to $16 million. On the other hand, the Bitcoin blockchain also recorded $77,955 in wash trades during the same period. Additionally, Ordinals sales have contributed significantly nearly doubling within the past 24 hours, reaching $4.47 million across 2,157 transactions.
Ethereum follows suit with a daily NFT sales volume of $10.9 million, marking a 32% increase from previous levels. The broader digital collectibles market is experiencing a surge in sales despite the prominent NFT platform, Blur, seeing an 11% decline in its trading volume. As per the data from DappRadar, Blur’s total NFT sales volume currently stands at $14.14 million, with an average price of approximately $2,930.
DappRadar highlights significant increases in global NFT sales, primarily driven by Magic Eden, OKX NFT Marketplace, and OpenSea. These platforms have seen surges of 48.45%, 63.15%, and 18.66%, respectively, over the past 24 hours.
NFTs Are Back in the Game
While meme coins have been the talk of the crypto town since the beginning of 2024, the non-fungible tokens (NFTs) have once again been under investors’ radar. Nicolás Lallement, the co-founder of NFT Price Floor stated that he’s “already seeing signs” of their NFT comeback.
He also underscored the growing demand for digital collectibles while citing the recent sale of two Alien Punks, each fetching $16 million, and a record-breaking sale of Autoglyphs totaling $14.6 million in February. Speaking to Crypto.News, Lallement said:
“So yes, I think NFTs will come back 100%, we are already seeing signs of that. […] The ongoing bull market plus the potential l2 summer we are going to enter are the perfect combination for a comeback of quality NFTs in all fronts.”
Lallement also highlighted the distinctive value proposition of digital collectibles, underscoring their capacity for “compelling, richer, and more sophisticated” storytelling.