NFT marketplace daily trading volume surpassed $30 million this week, registering a substantial increase since mid-year.
Interest in NFT tokens and digital art is resurging as the cryptocurrency market returns to a more optimistic narrative.
According to data from IntoTheBlock, in the last 7 days, the trading volume on the NFT market increased more than 11 times, returning to the levels seen in early July.
The daily trading volume of NFT tokens increased from $2,8 million to More than $33 million dollars this week, with the most traded crypto collections being CryptoPunks, Dreadfulz, Azuki and Art Block.
Source: Into The Block
According to the platform, the substantial increase in activity on the NFT market in recent days is also driving up the prices of many bluechip NFT collections, which have been recovering rapidly.
The resurgence of the NFT market
While the volume of sales transactions in the NFT market is far from its historical highs, seen during the boom of these digital assets in 2021, the recent rise in this market can be taken as a sign of a possible resurgence.
In fact, Sonia Shaw, partner and vice president of CoinW, considers that the increase in NFT activity shows the “broader and deeper interest” that users have in these crypto assets.
According to Shaw, users are becoming interested in NFTs beyond collectibles and digital art, reinforcing the narrative of ownership and digital records on the blockchain, which allow the ability to track and verify the authenticity of assets.
Shaw also noted that NFTs are becoming a key part of the development of Web3 and that the market's sales growth will continue.
Meanwhile, SuperRare co-founder Jonathan Perkins believes the worst of the crypto market's bear cycle is over and NFTs will have more opportunity to continue to evolve, to continue building the new creator economy.
IntoTheBlock data also shows a slight increase in the number of NFT collections created this week and in the number of addresses interacting with these digital assets.
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