NFT market shows signs of life

NFT trading was in crisis mode for months, but with rising prices in the crypto market, sales are also picking up.

The upturn in the crypto market is apparently leading to an increase in NFT sales. From data from Cryptoslam shows that non-fungible tokens worth €530 million ($562 million) were sold in November. This marks a six-month high; such figures have not been achieved since May. Compared to the previous month, sales were up 57 percent. In October, it was still at €335 million ($356 million).

Still far from the peak

Despite this increase, monthly NFT volumes are still well below their record levels. In January 2022, sales reached a record six billion dollars. The renewed demand mainly benefits the so-called Blue Chip collections, headed by the still popular Bored Ape Yacht Club (BAYC).

In November, the average minimum price per BAYC-NFT rose 50 percent, from 26.3 Ether to 39.7 Ether. That equates to more than €142,000 ($150,000).