The NFT Market Starts The New Week Up 25% - Is The NFT Bull Run Coming Back Again?

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The non-fungible token market has started the new month of February 2024 with some positive growth, marked by increased trading sales volume across Ethereum and Solana NFT collections. In this article, we shall evaluate whether the market resurgence marks the kickoff of the second phase of the NFT market bull run.

NFT Sales Pump 25% This First Week Of Feb 2024

Data fetched by Cyptoslam.io, a renowned on-chain crypto market data aggregator, indicates that the non-fungible token market has recorded positive growth this first week of February 2024. In the past 24 hours, the NFT market has amassed a sales volume of $35 million, representing a 25% spike from the previous day.

Ethereum, the largest adopted blockchain network, is the most traded blockchain network in the NFT ecosystem. In the past 24 hours, the Ethereum-based NFT collections have attracted a trading sales volume of $17 million, representing an 81% spike from the previous day.

Bitcoin, the blockchain network renowned in the NFT market for its BRC-20 and Ordinal NFT collections, is today’s second most-traded NFT collection. In the past 24 hours, the Bitcoin NFT collection has amassed a trading sales volume of $7.2 million. However, Bitcoin NFT sales vol has plunged 16.38%.

Solana and Avalanche are the third and fourth most traded NFT collections. At the time of publishing, Solana-based NFT collections have amassed a trading sales volume of $6 million, while Avalanche-based NFTs have recorded a trading sale volume of $1.3 million. During this period, Solana NFT sales have surged 40.26%, while Avalanche NFT sales have soared 15.80%.

Five Top-Selling NFT Collections Today

1. Nobody NFT Collection

Nobody, a newly launched NFT collection hosted on the Ethereum blockchain network, is the leading NFT collection in trading sales volume. In the past 24 hours, Nobody NFT collection has amassed a trading sales volume of $6.8 million. The NFT collection has seen more than 5000 transactions settled on it.

2. Bitcoin Ordinals “Uncategorized”

Bitcoin Ordinal, an NFT collection created on the Bitcoin blockchain network using Satoshi Nakamoto’s ordinal theory, is now the second most-selling NFT collection. At the time of publishing, Bitcoin Ordinals recorded a trading sale volume of $1.9 million.

3. Dokyo NFT Collection

Dokyo, an NFT collection of 5,555 digital items hosted on the Avalanche blockchain network, is today’s third top-selling NFT collection. At the time of publishing, the Dokyo NFT collection has raised a trading sales volume of $1.2 million. Dokyo NFT sales volume has surged 12.84% from the previous day.

4. Transdimensional NFT Collection

Transdimensional, a newly launched NFT collection hosted on the Solana blockchain network, is today’s fourth most-selling NFT collection. In the past 24 hours, the Transdimensional Fox Federation NFT collection has attracted a trading sales volume of $1.15 million, representing a 164% surge from the previous day.

5. Mutant Ape Yacht Club NFT Collection

Mutant Ape Yacht Club, an NFT collection from the digital asset firm Yuga Lab featuring a limited edition of 20,000 mutant apes hosted on the Ethereum blockchain network, is the fifth most NFT collection today. At the time of writing, the Mutant Ape Yacht Club NFT collection had raised a trading sales volume of $1 million.

Is The NFT Market Bull Run Back?

The non-fungible token market, once pronounced dead after more than 95% of NFTs dropped to nearly zero value, came back to life sometime in November last year following the resurgence of newly launched Solana-based NFTs and Bitcoin-based BRC-20 NFT collections.

Since then, the non-fungible token market has been experiencing a more than two-month market bull run before it faded sometime in mid-January 2024. The NFT market is anticipated to soar, with its market revenue projected to reach $2.378 billion in monthly sales by the end of this year. The recent surge probably indicates the potential kickoff of a highly anticipated bull run.