The Non-Fungible Token Market Is Back to an Upside Trend After Several Months of Downward Spiral

The global NFT market went down earlier this year after the hype in the Bitcoin NFT ecosystem, which started sometime in November 2023, faded and paved the way to memecoin mania.

The non-fungible token market is showing signs of life again after several months of decline.

Data compiled by CryptoSlam.io shows that the global non-fungible token market has surged in trading sales volume and floor price values. In the past 24 hours, the global non-fungible token market has raised a trading sales volume of $14 million, up 22% from the past day.

“Imagine the #NFT market coming back,” viejosimio tweeted on August 15, 2024.

Daily NFT Sales Soar 24% Of the total trading sales volume, Ethereum, the blockchain network powering most blue-chip NFTs, is leading with over $6 million in trading sales volume. In the past 24 hours, Ethereum NFT sales volume has surged 58% from the past day.

Meanwhile, Solana, a public, open-source blockchain network that supports smart contracts, including non-fungible tokens and various decentralized applications, has followed Ethereum with a $3 million daily NFT sales volume.

Bitcoin, the same blockchain network powering the flagship crypto, Bitcoin, and renowned in the NFT market for hosting Bitcoin Ordinals, Runes and BRC-20 non-fungible token collections, is another top gainer amid the NFT market resurgence. In the past 24 hours, Bitcoin-based NFTs have attracted a trading sales volume of $1.9 million, up 20% from the past day.

Bored Ape & Pudgy Soar +100% In Daily Sales Bored Ape Yacht Club, a non-fungible token collection from the digital asset incubation studio Yuga Labs that features a fixed supply of 10,000 NFTs hosted on the Ethereum blockchain network, is among the top gainers today. In the past 24 hours, Bored Ape Yacht Club NFT collection has recorded a trading sales volume of $1.5 million, up 196% from the past day.

On the other hand, Pudgy Penguins, a non-fungible token collection from the digital asset firm and toy brand Igloo Inc. featuring a limited edition of 8,888 cute penguins birds hosted on the Ethereum blockchain network, is another NFT collection that has surged in sales today. In the past 24 hours, the Pudgy Penguins NFT collection has amassed a trading sales volume of $847,504, up 632% from the past day.

The recent surge in Bored Ape and Pudgy shows that the NFT market bull run is still imminent.