The beginning of the bull? How the NFT Marketplace Competitive Landscape Has Changed
Author: defioasis In the past month, as the Crypto market overall has shown signs of recovery, the mainstream NFT market place s have welcomed their first four consecutive weeks of positive growth in trading volume for the second half of this year, (a feat last seen from the end of January to mid-February) with trading volumes nearly doubling. This growth is significantly higher than the rise in the value of ETH, indicating an increase in the volume of transactions in ETH. On the other hand, the prices of blue-chip NFTs have also seen a rebound, with BAYC returning above the 30 ETH mark, and Azuki seeing an increase of over 17% in the past month. (Note: Unless otherwise specified, the volumes mentioned below do not include wash trades.) (Source: https://x.com/punk9059/status/1720431770804371564?s=20 ) Under the current market conditions where ETH’s gains are not outpacing those of BTC, ETH holders are reluctant to switch their holdings to BTC. Without taking on explicit leverage, inves...