NFT market rebounds, will there be a warm winter trend? 8 sets of data provide answers.

NFT Market Makes a Comeback, Will a Hot Winter Trend Follow? Insights from 8 Data Sets

Author: Karen, Foresight News

With the overall positive trend in the crypto market, there are signs of recovery in the NFT market, with blue-chip floor prices experiencing a widespread rebound. The floor price of top NFT series BAYC and CryptoPunks has increased by 19% and 33% respectively in the past 30 days.

At the same time, in the past three months, the trading volume of Ethereum’s NFT market has slightly rebounded, but whether this trend will reverse remains to be seen. In terms of public chain networks, in the past month, the transaction volume of Ethereum NFT reached 260 million USD, firmly securing the first place. With the rise of the Bitcoin ecosystem, the trading volume of NFTs on Bitcoin has once again surged to second place, with a trading volume of 110 million USD in the past month.

From the perspective of transaction quantity and addresses, the number of Ethereum NFT transactions has been steadily accumulating since July, although the number of independent NFT trading addresses has slowed down, there is no rebound trend.

In my opinion, although the current NFT market shows signs of recovery, to achieve a major turnaround, it requires the stimulation of new series, new narratives, and new financial methods to inject new vitality, and it is also influenced by the overall crypto market.

Ethereum NFTs maintain first place, Bitcoin surges into second place

According to CryptoSlam data, in terms of public chain networks, as of the time of writing, in the past month, the transaction volume of NFTs on Ethereum reached nearly 260 million USD (excluding wash trading of 267 million USD), firmly holding the first place. With the continuous heat of the Bitcoin ecosystem, the situation of NFT trading on Bitcoin also shows a high growth trend. After surging to second place in May and June this year, the trading volume in the past month reached 110 million USD, and the trading volume so far this month has exceeded 98 million USD.

NFT Market Rebound, Will Winter Warmth Appear? 8 sets of data give the answer

Source: CryptoSlam

The following image shows the top 10 NFTs with the highest transaction prices in the past 3 months.

NFT Market Rebound, Will Winter Warmth Appear? 8 sets of data give the answer

Source: NFTGo

Next are Solana, Mythos Chain, ImmutableX, and Polygon, all of which had NFT trading volumes between 20 million USD and 40 million USD in the past month.

Let’s also mention Mythos Chain, which is a permissioned EVM blockchain and gaming ecosystem that hosts flagship game assets and NFT markets for top gaming studios like Mythical Games. Examples of these markets include the CS:GO Skin Market DMarket (occupying 99% of the on-chain trading volume of Mythos Chain), NFL Rivals (a collaboration between the National Football League and Mythical Games), Nitro Nation World Tour, and Blankos Block Party. Mythical Games is an initial contributor and supporter of Mythos.

Ethereum NFT Market Shows Slight Rebound, Whether it will Reverse Remains to be Seen

The chart below from The Block Data provides a visual representation of the changes in trading volume in the Ethereum NFT market (excluding wash trades). It can be observed that since February of this year, the trading situation in the Ethereum NFT market has been gradually declining. However, after September, the downward trend ended and the trading volume in October surpassed $300 million. From November until now, the trading volume has been $230 million, showing a rebound trend. But it may still be too early to say that a reversal has begun.

Will the NFT Market Rebound and Witness a Warm Winter Market? 8 Sets of Data Provide the Answer

Source: The Block Data

If we break down the NFT market, since March, the majority of the time, Blur’s trading volume has remained stable between 50% and 70%. OpenSea’s market share dropped to around 16% in June but gradually recovered. It briefly occupied 68% of the market share from October 15th to October 22nd, but currently, it has dropped to around 25%.

Will the NFT Market Rebound and Witness a Warm Winter Market? 8 Sets of Data Provide the Answer

Source: The Block Data

Ethereum NFT Transactions remain steady since July

In terms of transaction volume, according to The Block Data, similar to the trend in trading volume, the number of NFT transactions has been declining since the beginning of the year. Especially in March, April, and May, it dropped from 2 million transactions per month to 500,000 transactions per month. However, since July, it has remained steady at 500,000 to 600,000 transactions per month.

Will the NFT Market Rebound and Witness a Warm Winter Market? 8 Sets of Data Provide the Answer

Source: The Block Data

Ethereum Independent NFT Transaction Addresses Yet to Show Rebound Trend

The changes in the number of independent transaction users largely reflect the overall situation of NFT players. Disappointingly, since February, the number of NFT transaction users has been continuously decreasing. In October, there were 150,000 monthly transaction users, a 66% decrease compared to the 450,000 users in May. However, the rate of decline is slowing down, but a rebound trend has not yet been observed.

Will the NFT Market Rebound and Witness a Warm Winter Market? 8 Sets of Data Provide the Answer

Source: The Block Data

The cumulative number of NFT players on Ethereum also reflects a flattening growth curve for current NFT players.

NFT Market Rebound, Will There be a Warm Winter Market? 8 Sets of Data Provide the Answer

Source: The Block Data

Ethereum NFT floor prices generally rebound

According to data from WGMI.io, looking at the transaction volume in the past 30 days, the floor prices of the top 20 NFT collections with the highest transaction volume have all increased, with an average increase of 47%. Among them, the floor prices of the top NFT collections Bored Ape Yacht Club (BAYC) and CryptoPunks have increased by 19% and 33% respectively in the past 30 days.

The Grapes, a cross-media NFT project supported by Animoca Brands, has seen the largest increase in the series, reaching 200%. The first generation of Pixelmon and CrypToadz by GREMPLIN have also increased by over 100%, and Doodles has rebounded by 93% in the past month after suffering a heavy blow. The floor prices of the top NFT collections Bored Ape Yacht Club (BAYC) and CryptoPunks have increased by 19% and 33% respectively in the past 30 days.

NFT Market Rebound, Will There be a Warm Winter Market? 8 Sets of Data Provide the Answer

Source: WGMI.io

The following chart intuitively shows the changes in the blue-chip NFT floor prices over the past year and a half.

NFT Market Rebound, Will There be a Warm Winter Market? 8 Sets of Data Provide the Answer

Source: The Block Data

Continued low popularity of NFT on Google Trends

Google Trends can to some extent reflect the level of attention to NFT outside the circle. The graph below shows the search popularity of NFT worldwide since 2021. If the highest search popularity value in January 2022 is considered as 100 points, the small peak in December 2022 is 19, and the popularity value since May this year is between 5 and 7.

NFT Market Rebound, Will There be a Warm Winter Market? 8 Sets of Data Provide the Answer

Source: Google Trends

If displayed by region, the highest search popularity is in mainland China, followed by Hong Kong, Singapore, Gibraltar, Nigeria, Macau, the Cayman Islands, and South Korea.

Imbalance in the number of profit and loss addresses

According to NFTGo data, excluding suspected wash trades, in the past 30 days, there were 57,000 unique addresses with profits greater than 1 ETH, and 495,500 unique addresses with losses greater than 1 ETH. The ratio is 1:8.6. 30-day gains and losses refer to the sum of realized profits generated from sales in the past 30 days and the estimated unrealized profits of each address holding NFTs.

Will the NFT market rebound with a warm winter trend? 8 sets of data give the answer

Source: NFTGo

Bitcoin has accumulated 38.95 million NFTs with nearly 680,000 wallets holding them

OKLink Bitcoin browser statistics show that there are 2,382 Bitcoin NFT series, and below are the top 10 series by number of holding addresses.

Will the NFT market rebound with a warm winter trend? 8 sets of data give the answer

Source: OKLink Bitcoin browser

According to Bitcoin NFTScan data, as of November 13th, there have been 38.95 million NFTs minted on the Bitcoin network, creating gas fees consuming 2,482 BTC on-chain. Currently, there are 678,900 wallets holding Bitcoin NFT assets.

The following two graphs show the changes in the number of Bitcoin Ordinals minted and the associated fees since the beginning of this year. The peak popularity of Ordinals occurred in May, the third quarter, and this month.

Will the NFT market rebound with a warm winter trend? 8 sets of data give the answer

Source: Dune

Will the NFT market rebound with a warm winter trend? 8 sets of data give the answer

Source: Dune