NFT Trading Volume Reaches Three Month High

MARKET_WATCH

NFT

Daily NFT trading volume reached a three-month high on Monday, totaling $19.1 million. The surge in trading activity was partly driven by Wylie "Gordon Goner" Aronow, co-founder of the Bored Ape Yacht Club (BAYC), who made a significant purchase of a CryptoPunks NFT.

 

Aronow acquired CryptoPunk #7458 for 600 ETH ($1.1 million) on the secondary market, marking the largest purchase of the day. Yuga Labs, the creator of BAYC, acquired the intellectual property of CryptoPunks in March 2022.

 

While the CryptoPunks sale was notable, other factors also contributed to the market's extraordinary performance. A recent episode of "The Simpsons" criticizing the NFT industry sparked interest and encouraged the creation of various copycat NFT collections. On Monday, these projects made millions of dollars in sales.

 

The boost in trading volume comes after NFT trade volumes reversed a year-long decline in October, increasing 32% over the previous month. Monday's NFT trading volume of $19.1 million exceeded any day in October.

 

In October, trade volume on Blur, an NFT platform that overtook OpenSea earlier this year, grew increasingly concentrated. By the end of the month, Blur had 73% of total NFT trading volume, while OpenSea had 18%. The heightened activity on Blur could be attributed to the platform's forthcoming Season 2 finale, which incentivizes traders with the chance of an airdrop.

 

Source : Yahoo crypto / November 08, 2023

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