The resurgence of the NFT track? Eight sets of data interpret the recent situation of the NFT market

Original article by Karen, Foresight News

Under the positive trend of the overall crypto market, the NFT market has shown signs of recovery, and the blue-chip floor price has generally rebounded, with the floor price of the top NFT series BAYC and CryptoPunks increasing by 19% and 33% respectively in the past 30 days.

At the same time, in the past three months, the Ethereum NFT market volume has rebounded slightly, but it remains to be seen whether it will reverse. In terms of the public chain network, in the past 1 month, the trading volume of Ethereum NFT reached 260 million US dollars, firmly occupying the first place. With the rise of the Bitcoin ecosystem, the trading volume of NFTs on Bitcoin has also rushed to second place again, reaching $110 million in the past month.

In terms of the number of transactions and addresses, the number of Ethereum NFT transactions has been stable since July, and the number of independent NFT trading addresses has slowed down, but there is no rebound trend.

In the author’s opinion, although the current NFT market is showing signs of recovery, it can usher in a big inflection point of recovery, which requires new series, new narratives, and new financial methods to inject new vitality, which is also affected by the overall Crypto market.

Ethereum NFT trading is firmly in the first place, and Bitcoin is in second place

According to CryptoSlam data, as of the time of writing, NFT trading volume on Ethereum has reached nearly $260 million in the past month (excluding $267 million in knock transactions), ranking first in the first place. In the context of the continued hot Bitcoin ecosystem, NFT transactions on Bitcoin have also shown a high growth trend, following May and June this year, it has rushed to second place again, with a trading volume of $110 million in the past month, of which the trading volume so far this month has exceeded $98 million.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-4287cc2456-dd1a6f-cd5cc0.webp)

Source: CryptoSlam

The chart below is the top 10 NFTs with the highest prices in the past 3 months.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-6fa1126744-dd1a6f-cd5cc0.webp)

Source: NFTGo

This was followed by Solana, Mythos Chain, ImmutableX, and Polygon, all four networks with between $20 million and $40 million in NFT trading volume over the past month.

Also mentioned here is Mythos Chain, a permissioned EVM blockchain and gaming ecosystem that hosts the flagship game assets and NFT marketplaces of head chain game studio Mythical Games, such as CS:GO skin marketplace DMarket (which accounts for 99% of Mythos Chain’s on-chain turnover), NFL Rivals (which is owned by the NFL and Mythical Games). Launched in partnership), Nitro Nation World Tour, and Blankos Block Party. Mythical Games is an initial contributor and supporter of Mythos.

The Ethereum NFT market has rebounded slightly, and it remains to be seen whether it will reverse

The following chart of The Block Data can intuitively reflect the changes in the trading volume of the Ethereum NFT market (filtering out the wash transactions), it can be seen that since February this year, the trading status of the Ethereum NFT market has shown a gradual downward trend, and the downward trend has ended after September, with a trading volume of more than $300 million in October, and a trading volume of $230 million since November, showing a rebound trend, but it may be too early to say that it has begun to reverse.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-89275cdcd0-dd1a6f-cd5cc0.webp)

Source: The Block Data

If you break down the NFT market, since March, Blur’s trading volume has been stable between 50% and 70% for most of the time, and OpenSea’s market share fell to about 16% in June, and then gradually recovered, occupying 68% of the market share for a short time from October 15 to October 22, and is currently down to about 25%.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-bafe32ae5f-dd1a6f-cd5cc0.webp)

Source: The Block Data

The number of Ethereum NFT transactions has been steadily gaining momentum since July

In terms of the number of transactions, according to The Block Data data, similar to the trading volume trend, the number of NFT transactions has continued to decline since the beginning of the year, especially in March, April, and May, from 2 million per month to 500,000 per month, but since July, it has stabilized at 500,000 to 600,000 per month.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-fe041bb8ca-dd1a6f-cd5cc0.webp)

Source: The Block Data

Ethereum standalone NFT trading addresses have not seen a rebound trend

The changes in independent trading users can also reflect the overall situation of NFT players to a large extent. Disappointingly, NFT trading users have continued to decline since February, with 150,000 monthly trading users in October, down 66% from 450,000 in May, but the decline is slowing down and there is no rebound in sight.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-198a1959e5-dd1a6f-cd5cc0.webp)

Source: The Block Data

The statistical chart of the cumulative number of NFT players in Ethereum can also reflect that the current growth curve of NFT players is flattening.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-304f4ca5f5-dd1a6f-cd5cc0.webp)

Source: The Block Data

Ethereum NFT floor prices have generally rebounded

Data from WGMI.io shows that according to the trading volume in the past 30 days, the floor price of the top 20 NFT collections with the most trading volume has increased, with an average increase of 47%, among which, the floor price of the top NFT series Bored Ape Yacht Club (BAYC) and CryptoPunks in the past 30 days have increased by 19% and 33% respectively.

The Grapes collection, a cross-media NFT project backed by Animoca Brands, saw the biggest increase at 200%, the first-generation Pixelmon and CrypToadz by GREMPLIN also saw an increase of more than 100%, and Doodles rebounded 93% over the past month after taking a heavy hit. Top NFT collections Bored Ape Yacht Club (BAYC) and CryptoPunks have seen floor price increases of 19% and 33%, respectively, in the last 30 days.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-2762f9185a-dd1a6f-cd5cc0.webp)

Source: WGMI.io

The chart below can visually show the changes in the floor price of blue-chip NFTs in the past year and a half.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-b1fbcde961-dd1a6f-cd5cc0.webp)

Source: The Block Data

NFT Google Trends continues to be sluggish

Google Trends can reflect to some extent the level of interest in NFTs outside the circle. The chart below shows the search popularity of NFTs worldwide since 2021. If you consider the value of the highest search popularity in January 2022 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 track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-e882910d6e-dd1a6f-cd5cc0.webp)

Source: Google Trends

By region, Chinese mainland is the most popular region, followed by Hong Kong, Singapore, Gibraltar, Nigeria, Macau, Cayman Islands and South Korea.

The ratio of profit and loss to address is severely unbalanced

According to NFTGo data, after excluding suspected wash transactions, in the past 30 days, the number of unique addresses with a profit greater than 1 ETH was 57,700, and the number of unique addresses with a loss greater than 1 ETH was 495,500, with a value ratio of 1 to 8.6. The 30-day P&L is the sum of the realized profit generated from the sale in the last 30 days and the estimated unrealized profit of the NFTs held by each address.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-4358e8fb40-dd1a6f-cd5cc0.webp)

Source: NFTGo

A total of 38.95 million NFTs have been engraved on Bitcoin, and nearly 680,000 wallets hold them

There are 2,382 Bitcoin NFT collections counted by OKLink Bitcoin Explorer, and the following are the 10 series with the largest number of holding addresses.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-7aa20424ee-dd1a6f-cd5cc0.webp)

Source: OKLink Bitcoin Explorer

According to Bitcoin NFTScan data, as of November 13, a total of 38.95 million NFTs have been inscribed on the Bitcoin network, creating 2,482 BTC of gas fee consumption on the chain, and there are currently 678,900 wallet addresses holding Bitcoin NFT assets.

The following two charts show the changes in the number and cost of Bitcoin Ordinals inscriptions since the beginning of this year, with the peak popularity of Ordinals in May, Q3 and this month this year.

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-4dd9f96842-dd1a6f-cd5cc0.webp)

Source: Dune

! [NFT track resurgence? Eight sets of data to interpret the recent situation of the NFT market] (https://img-cdn.gateio.im/webp-social/moments-7f230462a9-a54642cb90-dd1a6f-cd5cc0.webp)

Source: Dune