The value of Ethereum’s native token ETH could also be struggling, however some NFTs are flying excessive available in the market following the community’s extremely anticipated transition to proof-of-stake.
The NFT collections that appears to have loved a increase in recognition over the previous week embrace Bored Ape Yacht Membership, RENGA by DirtyRobot and Gods Unchained, which recorded weekly buying and selling volumes of $6.6m, $6.1m and $4.9m, respectively, in line with DappRadar. The largest gainer amongst them was Gods Unchained, which noticed its buying and selling quantity rise by 391% in comparison with the week earlier than.
Whereas Bored Ape Yacht Membership is comparatively well-known, RENGA by DirtyRobot and Gods Unchained are much less identified NFT collections locally.
The Web3 area title service Ethereum Title Service was ranked because the 6th most traded NFT assortment over the identical time interval, after ranking as the most popular NFT collection earlier this month.
Regardless of some NFT collections seeing a surge in recognition, nonetheless, the general buying and selling quantity on the dominant market OpenSea nonetheless fell over the previous 7 days. In keeping with knowledge from DappRadar, OpenSea’s general quantity was down 22.4% for the previous 7 days in comparison with the prior 7 days, coming in at $80.9m.
The second-ranked NFT market was Magic Eden on the Solana (SOL) community, which got here in with a seven-day buying and selling quantity of $27.2m.
The information of the surging recognition of some NFT collections was first reported by Bloomberg final week, with the information outlet calling the rising costs “a shiny spot amid general declining gross sales for NFTs.” It added that NFT gross sales have been hit onerous by the crypto winter, and stated NFT gross sales have fallen 675% in August in comparison with the identical month final yr.
Additional, Bloomberg additionally pointed to the Merge and its implications for NFTs, claiming enhancements when it comes to transaction pace and price on Ethereum could possibly be a boon for NFT collectors.
It’s price noting, nonetheless, that the Merge itself will not be anticipated to ship any enhancements when it comes to transaction pace or value. As confirmed by the Ethereum Basis, it’s merely a change of the consensus mechanism of the community, not a scaling improve.