Hey there! Recently, there has been some news circulating about the Ethereum NFT market taking a hit due to increased attention towards Bitcoin inscriptions. However, it seems like the demand for Ethereum NFTs is making a comeback!
Artemis’ data has shown a large spike in the gas used on Ethereum for NFT purposes, which suggests a renewed interest in Ethereum NFTs.
While NFT marketplaces haven’t seen growth, the decline in sales may also be due to competition in the NFT space, with new players such as Uniswap entering the market.
It’s worth noting that a significant portion of the interest in Ethereum NFTs can be attributed to Yuga Labs NFT cohort, which dominated the NFT market at the time of writing.
APE Token Struggles as Yuga Labs NFTs Thrive
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BAYC, one of the most popular NFT collections of Yuga Labs, saw a massive spike of 25.16% in the number of transactions, and the number of unique wallets holding the NFT collections also increased by 22.27%.
MAYC, another collection of Yuga Labs, also saw growth, with the volume of MAYC surging by 1.87% and sales going up by 6.82% in the past 30 days, according to NFTGO’s data.
However, it’s interesting to note that while Yuga Labs’ NFTs saw a surge in demand, the APE token did not experience a similar level of interest.
Large addresses have started to sell their APE holdings, leading to a price decline for APE, which was trading at $4.35 amid a market-wide sell-off.
To conclude, it seems like the Ethereum NFT market is still a bit volatile, but there is definitely room for growth and a comeback.
It’s exciting to see new players entering the market and established players like Yuga Labs still dominating the scene. It will be interesting to see how the market develops in the coming days and weeks.
The Ethereum NFT Market: A Mixed Bag of Trends
The Ethereum NFT market is a fascinating space, reflecting the broader dynamics of the crypto world. While Bitcoin inscriptions have been stealing the limelight, Ethereum NFTs are showing resilience and adaptability.
The data from Artemis underscores the resurgence in Ethereum NFTs, with a marked increase in gas usage for NFT transactions. This is a clear indicator of the community’s renewed enthusiasm and engagement in this space.
However, the NFT marketplace landscape is evolving. With new entrants like Uniswap, the competition is heating up, leading to shifts in sales dynamics. But amidst this competitive backdrop, Yuga Labs stands out as a beacon of success.
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