NFT Market Surges? $42.8M Trading Volume Signals Comeback

• Ethereum NFT market hits a 7-month high, reaching $42.8 million.
• Blur dominates with 82% volume, and PudgyPenguins surges 65% in 7 days.

The Ethereum NFT market experienced a remarkable uptick on January 18, with the trading volume reaching an impressive $42.8 million. This marked a significant milestone, surpassing the $40 million threshold for the first time since June of the previous year. Notably, Blur dominated the scene, accounting for a substantial 82% of the total trading volume, hitting an impressive $35 million.

Ethereum Market daily volume, source : Dune

Adding to the intrigue, PudgyPenguins saw a staggering surge of over 65% in the past seven days. It showcases the dynamic nature of the NFT space.

Contrastingly, Solana, a prominent NFT platform, had experienced a month-long decline in NFT sales in the past week. But on January 17, Solana NFT volume rose by an impressive 92.70%, comprising 141,120 unique transactions.

Solana market data , source : TIEXO

Leading this surge were key Solana NFT marketplaces, with Tensor and Magic Eden capturing significant market shares at 75.74% and 18.85%, respectively. The catalysts behind this resurgence are attributed to the success of the NFT marketplace Tensor and the performance of the MadLads NFT collection.

Amid Ethereum’s NFT market soared to a seven-month high and Solana, after a month-long decline, experienced a substantial surge in NFT volume with major players, such as OpenSea, adapting to challenges, indicating the industry’s resilience. This adaptability instills confidence in the NFT market’s continued growth and evolution.