NFT Market Sees Growth with Bitcoin as Key Player

Crypto News– After a period of turbulence in recent weeks, NFTs are regaining momentum with increased demand. According to CryptoSlam‘s latest data, global NFT sales have surged by 28.1% in the past 24 hours, totaling over $38.2 million. This spike has led to a 26.2% increase in the total number of NFT transactions, reaching 249,125. However, despite these positive trends, the NFT wash volume has decreased by 15.2%, currently standing at $10.6 million.

NFT Market Sees Growth with Bitcoin as Key Player

Among NFT hosting platforms, Bitcoin stands out with a remarkable 44% surge in daily NFT trading volume, reaching close to $16 million. However, the Bitcoin blockchain has also recorded $77,955 in wash trades during the same period. Additionally, Ordinals sales have significantly contributed, nearly doubling within the past 24 hours, totaling $4.47 million across 2,157 transactions.

Following closely, Ethereum’s daily NFT sales volume has reached $10.9 million, marking a 32% increase from previous levels. Despite a decline of 11% in trading volume on the prominent NFT platform, Blur, the broader digital collectibles market is witnessing a surge in sales. According to data from DappRadar, Blur’s total NFT sales volume currently stands at $14.14 million, with an average price of approximately $2,930.

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.

Nicolás Lallement

While meme coins have dominated discussions in the crypto sphere since the start of 2024, NFTs are once again capturing investors’ attention. Nicolás Lallement, co-founder of NFT Price Floor, noted that he’s already observing indications of a resurgence in NFT interest.

2 Alien Punks sold for $16M+ each within the same month.

And you are bearish on NFTs even though they are the most native digital assets within our ecosystem.

Money has to flow somewhere.

Higher. pic.twitter.com/r0cSatVCz8

— Loopify 🧙‍♂️ (@Loopifyyy) March 20, 2024

He highlighted the increasing demand for digital collectibles, referencing recent noteworthy sales such as two Alien Punks each selling for $16 million and a record-breaking sale of Autoglyphs totaling $14.6 million in February.