Ethereum-based non-fungible tokens (NFTs) are enjoying a significant revival in popularity, as evidenced by a recent surge in sales.
Data from CryptoSlam shows that Ethereum NFT sales have skyrocketed by 96.73% over the past week, amounting to a total of $161,464,489. Currently, Ethereum leads the NFT sales chart, followed by Solana and Bitcoin.
Prominent NFT collections driving sales in the past 7 days include Pandora, with sales exceeding $74 million, Nobody, generating over $8 million, and Pudgy Penguins, which amassed over $6 million in sales.
Notably, the Nobody NFT collection, created by renowned filmmaker Stephen Chow from Hong Kong, achieved significant success, accumulating over $25 million in trading volume within just one week of its launch.
This resurgence marks a positive turn for Ethereum, which faced stiff competition from Solana in December 2023. Solana outpaced Ethereum in NFT sales during that month, raking in $366,347,945 compared to Ethereum’s $353,153,016.
The NFT market faced challenges throughout 2023, experiencing downturns compared to the booming years of 2021 and 2022.
Multiple challenges, combined with regulatory uncertainties, led to the closure of NFT platforms by companies like South Korean telecom giant KT (Mincl), GameStop, and Aqua. Even industry giants Meta and X (Twitter) discontinued previously added NFT features from their applications.
Analysts observed early signs of recovery towards the end of 2023, with November showing the first indications of a market uptick. Despite this progress, some analysts, like JP Morgan analyst Nikolaos Panigirtzoglou, advise remaining cautious, suggesting it may be premature to anticipate a full return to the peak NFT activity seen in previous years.
Nonetheless, the recent surge in Ethereum NFT sales suggests that the market is gradually regaining momentum, indicating a potential resurgence in interest and activity within the NFT space.