According to CryptoPotato, the non-fungible tokens (NFTs) sector has shown contrasting performance in a year marked by a massive recovery run in the broader crypto market. As of December 3, the Ethereum NFT market experienced a notable uptick in transaction volume, reaching an impressive $34.786 million, the highest figure since June 29, according to data compiled by Dune Analytics.
The NFT market has declined from the exuberant heights of 2021, with newer players such as the Blur NFT marketplace emerging as formidable contenders. Blur now commands an 80% market share, while OpenSea, once the unrivaled leader in the NFT niche, trails behind with a mere 18%. Certain NFT collections, such as Pudgy Penguins, Azuki, and Milady, have witnessed remarkable increases in value over the last 24 hours, with surges of 18%, 9%, and 10%, respectively.
NFT sales in Q3 2023 were the worst the market has seen in roughly three years, dipping below $300 million. Prominent collections such as Azuki, Bored Ape Yacht Club, and Mutant Ape Yacht Club experienced a decline of over 25% quarter-on-quarter. NFT collections associated with gaming and the metaverse also experienced the most significant drop last quarter, plunging by more than 40%. However, the sector staged a comeback in November after a year-long downtrend.
