Ethereum Reclaims NFT Market Dominance Amid Surge in Transactions

The NFT market witnessed a 20.67% boost in transaction volume, reaching $122.6 million in the last seven days, with Ethereum taking the lead at $50 million, CryptoSlam reported on July 13.

Market participation has markedly reduced, with the number of active NFT buyers dropping by 89.08% to 88,157 and sellers decreasing by 82.62% to 56,817. Despite this, the volume of transactions recorded an increase of 1.63%, achieving 1,357,999. Ethereum saw a remarkable growth in its NFT transaction volume, surging by 133.36% to hit $50 million. Concurrently, Bitcoin experienced a 50.12% increase, reaching $15.5 million. In contrast, Polygon’s transactions fell significantly by 41.86% to $14.6 million.

Key Developments, Impact, and Reactions

The shift back to Ethereum, as evidenced by high-value transactions like Autoglyphs and Otherdeed Expanded, indicates a revitalized focus on this blockchain within the NFT market. With Autoglyphs #195 selling for 95 ETH ($283,623), the market has evidenced a return to high-value ETH-centric activity. However, the absence of commentary from major NFT project leaders signals a quiet sector-wide adjustment. While official responses on platforms like Twitter are muted, the community acknowledges the market’s pivot back to Ethereum and Bitcoin.

Despite the volume increase, active market participants shrank steeply, with NFT buyers dropping by 89.08% to 88,157.

“Despite the volume increase, active market participants shrank steeply, with NFT buyers dropping by 89.08% to 88,157.” — DappRadar

Price Recovery: Ethereum Market Cap Hits $360.28 Billion

Did you know? Ethereum has historically been a foundational blockchain for NFTs, influencing market trends significantly.

Ethereum (ETH) is currently valued at $2,984.58, with a market cap of $360.28 billion, holding a 9.69% market dominance. While ETH’s 24-hour trading volume decreased by 15.36% to $15.87 billion, its price saw a 1.69% rise in the same period. Recent growth over the past 90 days reached 83.04%, as noted by CoinMarketCap, signaling sustained investor interest following recent market adjustments. Recent market activities suggest a broadening user base for Ethereum NFTs as lower entry transaction prices become prevalent. This trend aligns with historical shifts post-market booms, reinforcing Ethereum’s role as a foundational blockchain for NFTs.

While the NFT market shows signs of recovery, analysts suggest that the long-term sustainability of this growth will depend on renewed interest from both buyers and creators within the ecosystem.