{"id":4512,"date":"2023-11-13T01:08:15","date_gmt":"2023-11-13T01:08:15","guid":{"rendered":"https:\/\/nftmetta.com\/?p=4512"},"modified":"2023-11-13T01:08:26","modified_gmt":"2023-11-13T01:08:26","slug":"weekly-ethereum-sales-soar-past-68k-eth-defying-odds-in-the-nft-market","status":"publish","type":"post","link":"https:\/\/nftmetta.com\/weekly-ethereum-sales-soar-past-68k-eth-defying-odds-in-the-nft-market\/","title":{"rendered":"Weekly Ethereum Sales Soar Past 68K ETH, Defying Odds in the NFT Market"},"content":{"rendered":"\n
November 13, 2023<\/p>\n\n\n\n
By Anjali Kochhar<\/p>\n\n\n\n
As weekly Ethereum sales increase and attract the attention of cryptocurrency market enthusiasts, the NFT market is reportedly exceeding expectations, according to a new analysis by Nansen. The nonfungible token (NFT) market is flourishing despite recent setbacks, with leading collections and platforms recording record trade volumes.<\/p>\n\n\n\n
Let’s examine the data in more detail to discover how investors are placing their bets on the NFT market.<\/p>\n\n\n\n
NFT Sales Increase During An Amazing Turnaround<\/strong><\/strong><\/p>\n\n\n\n The NFT market has made an outstanding recovery after being rocked recently by reports of layoffs and concerns about its stability. Blockchain analytics platform Nansen reports that a remarkable 68,342 ETH worth over $129 million were sold during the week that ended on November 6. This is a considerable increase in NFT sales. In contrast, the report stated that as of the week’s end on October 9, 29,704 ETH had been sold overall.<\/p>\n\n\n\n Over the past 30 days, Blur\u2014a well-known marketplace\u2014has become the leader in the field of NFT trading. Blur commanded a trading volume of 161,433 ETH, or almost $305 million, according to NFTGo data. Strong opponent OpenSea took second place with 52,307 ETH, or over $100 million, in trading volume.<\/p>\n\n\n\n Significantly, OpenSea recently revealed a large layoff, which alarmed the decentralized finance (DeFi) industry. The announcement states that OpenSea is significantly reducing staff, with CEO Devin Finzer announcing a 50% reduction in staff. This calculated action is a step toward “OpenSea 2.0,” which aims to enhance the platform’s essential features, such as technology and user experience.<\/p>\n\n\n\n