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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