Ethereum Reclaims NFT Market Crown – Could It Be The NFT Bull Run Loading?

Updated: 24 April 2024

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Ethereum, the blockchain network renowned for hosting the majority of blue-chip non-fungible token collections, has regained its initial dominance in the non-fungible token market. Ethereum lost market dominance earlier this month following the resurgence of Bitcoin NFT collections.

Ethereum Reclaims NFT Market Dominance

Earlier this month, Bitcoin dethroned Ethereum in the NFT market after Bitcoin Ordinals led by Runestones and some BRC-20 NFT collections exploded in trading sales volume. The Bitcoin NFT market hype was fueled by the Bitcoin halving event that took effect last week. Bitcoin miners now receive 3.125 BTC per mined block, down from the previous 6.25 BTC.

Data compiled by CryptoSlam.io, an on-chain crypto market aggregator, shows that Ethereum has regained some strength this week after several weeks of downturn. In the past 24 hours, the Ethereum-based NFT collections have amassed a trading sales volume of $7.6 million, taking the top spot in the NFT market. Bitcoin and Solana blockchain networks closely follow Ethereum in the second and third positions.

Source: cryptoslam.io, NFT sales by blockchains

NFT Collections Fueling Ethereum NFT Market Growth

Redacted Remilio Babies, a non-fungible token collection featuring a limited edition of 10,000 PFP NFTs, is one of the NFT collections pushing the Ethereum NFT sales volume. In the past 24 hours, the Redacted Remilio Babies has recorded a trading sales volume of 327 ETH. Redacted Remilio Babies NFT sales have surged 272% from the previous day.

Source: tiexo.com, top selling NFT collection in the past 24 hours

Milady Makers, a non-fungible token collection from the digital asset firm Remilia featuring a limited edition of 10,000 NFTs, is another NFT collection boosting Ethereum NFT sales volume today. In the past 24 hours, the Milady Maker NFT collection has recorded a sales volume of 294 ETH, surging 33% from the previous day.

Ethlizards, a non-fungible token collection featuring a limited supply of 5,050 NFT collections, is another NFT collection bolstering Ethereum NFT trading sales volume today. In the past 24 hours, the Ethlizards NFT collection has amassed a trading sales volume of 272 ETH, surged 148% from the previous day.

Lastly, Azuki, an NFT collection from the digital asset Chiru Labs featuring a fixed set of 10,000 NFTs, and the Captainz, an NFT collection from web3-focused studio Memeland, are other NFT collections that have pushed Ethereum NFT sales up today. In the past 24 hours, Azuki has raised a trading sales volume of 164 ETH, while the Captainz has raised trading sales of 155 ETH.