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HomeCryptoThe Ethereum NFT Market Revival May Be Short-lived, Here's Why money moguls

The Ethereum NFT Market Revival May Be Short-lived, Here’s Why money moguls

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  • Yuga Labs NFTs fuel resurgence of Ethereum NFT market.
  • The APE token is experiencing a decline amid general market growth.

In the last few days, there has been a huge drop in the Ethereum NFT market bitcoin inscription It took over. Ethereum-based NFTs such as BAYC and MAYC took a hit as tokenization increased attention.

However, new data shows that the demand for Ethereum NFT has started to rise again.

return time?

According to Artemis data, the gas used on Ethereum for NFT purposes saw a huge increase. But the NFT markets have not been on the receiving end of growth as sales have taken a dive.

Source: Artemis

Monthly Ethereum NFTs sold on OpenSea continue to indicate declining health of the Ethereum NFT market, according to data from Dune Analytics.

However, the decline in sales could also be due to strong competition in the NFT space, such as new players. uniswap entering the market.

Source: Dune Analytics

Much of the interest in Ethereum NFTs can be attributed to the Yuga Labs NFT cohort, which dominated the NFT market at the time of writing.

BAYC, one of Era Labs’ most popular NFT collections, saw a massive 25.16% increase in the number of transactions, at press time. In fact, according to new data provided by DappRadar, the number of unique wallets holding NFT collections has also increased by 22.27%.

MAYC, another collection from Yuga Labs, was not left behind, it also saw it grow. According to NFTGO data, MAYC volume increased by 1.87% at the time of reporting. Since then, its sales have grown by 6.82% in the last 30 days.

Source: Dapp Radar

a disconnect

Although Era Labs NFTs saw an increase in demand, the APE token did not experience the same level of interest.

According to Sentiment data, big addresses have started to dump their APE holdings. This translates into a drop in the price of APE. The coin was trading at $4.35 amid a market sell-off.


Realistic or not, here’s the APE market cap btc terms


Interestingly, the speed and growth of the APE token network slowed down. Thus, suggesting that the new addresses were not interested in the token. In addition, the frequency with which APE was traded in the market had decreased at the time of writing this report.

Source: Feeling

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