Markets

Is the NFT market recovering from its annual low?

After non-fungible token (NFT) sales metrics hit annual lows last month, there has been some recovery in the market. In this article, we will shed some light on the recent developments in the NFT space.

While the broader community has focused on meme coins and airdrops, the NFT space has remained relatively quiet. But is the market trying to recover?

recovery in key metrics

Last month, BeInCrypto reported that key NFT metrics, such as trading volume and sales, were at annual lows. Although there is no significant improvement yet, the metrics point to breaking the line of new daily lows.

The screenshot below shows that the number of sales was hitting a new daily low. However, on Wednesday, the number of sales was finally higher than the previous day’s. Currently, it is over 14,000, which still cannot be considered high on a broader timeframe.

source: Dune

Similarly, NFT trading volume also stopped making daily lows. On Wednesday, the trading volume across the various markets amounted to 13,150 Ethereum (ETH).

Overview of the (ETH) NFT Marketplaces volume
source: Dune

DeGod records a sale of $130,000

While major NFT metrics are recovering, DeGod’s group has recorded the highest transaction. According to data from NFTGO.ioYesterday, DeGod #5996 sold for 70 ETH (about $130,000) on Blur Market.

The latest data from Dune He says that the average selling volume on Blur Market is 6.309 ETH. Thus, the sale of DeGod #5996 is about 11 times greater than the average sale size.

DeGod #5996 sold for 70 ETH on Blur Market.
DeGod #5996. Source: NFTGO.io

AURAS NFT Collection by Jeremy Cowart

On Tuesday, photographer Jeremy Cowart created Oras NFT group. Perform in front of a live audience in Nashville to create 10,000 unique NFTs in 20 minutes.

According to the official website, the photographer created the set without using generative code or artificial intelligence. Cowart hasn’t announced the price of the NFT yet, and the collection will be launched on OpenSea on May 9th.

adidas golden ticket

Adidas, the sneaker brand delving into the Web3 industry, has launched the Golden Ticket NFT. The NFT will be given to the winners of a sweepstakes hosted in the Adidas CONFIRMED app.

The Indigo Herz Twitter account has announced that Adidas Golden Ticket holders can use them to get a guaranteed allocation at any hype drop over the next year.

AlienSwap Raises $12 Million Despite NFT Crypto Winter

NFT marketplace and AlienSwap aggregator announce He raised $12 million in a strategy round led by NEXT Leader Capital and C² Ventures.

The project wants to use the fund to “expand its engineering team, develop innovative NFT liquidity tools and trading products, and increase investment in NFT infrastructure.”

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Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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