Is NFT Market Recovering After Hitting Yearly Lows?

After key non-fungible token (NFT) sales metrics hit yearly lows last month, there has been some recovery in the market. In this article, we will shed some light on the recent developments in the NFT space.

While the broader community focused on meme coins and airdrops, the NFT space remained relatively quiet. But is the market trying to stage a recovery?

Recovery in Key Metrics

Last month, BeInCrypto reported that key NFT metrics, such as trading volume and sales were at yearly lows. While there is not much of a significant improvement yet, the metrics indicate breaking the streak of new daily lows.

The screenshot below shows that the sales count was hitting a new low daily. However, on Wednesday, the sales count was finally higher than the previous day’s count. Currently, it is over 14,000, which still cannot be considered high in a broader time frame.

Similarly, NFT trading volume has also stopped making lower lows daily. On Wednesday, the trading volume over different marketplaces was 13,150 Ethereum (ETH).

DeGod Records $130,000 Sale

While the key NFT metrics are recovering, the DeGod collection recorded the highest transaction. According to data from NFTGO.io, DeGod #5996 was sold for 70 ETH (roughly $130,000) on the Blur marketplace yesterday. 

The latest data from Dune says that the average sale size on the Blur marketplace is 6.309 ETH. Hence, the sale of DeGod #5996 is roughly 11 times more than the average sale size.

Jeremy Cowart’s AURAS NFT Collection

On Tuesday, the photographer Jeremy Cowart created the AURAS NFT collection. He performed in front of a live audience in Nashville to create 10,000 unique NFTs in 20 minutes.

According to the official website, the photographer created the collection without the use of generative code or artificial intelligence. Cowart has not announced the price of the NFTs yet, and the collection will go live on OpenSea on May 9.