Is the NFT market recovering after hitting yearly lows?
After key non-fungible token (NFT) metrics hit annual lows last month, there has been some recovery in the market. In this article, we will shed light on the latest developments in the NFT space.
While the wider 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 annual lows. While not much of a significant improvement yet, the metrics indicate breaking the streak of new daily lows.
The screenshot below shows that the number of sales reached a new daily low. On Wednesday, however, the sales figures were finally higher than the previous day’s tally. Currently, it is over 14,000, which still cannot be considered high in a wider time frame.
Similarly, NFT trading volume has also stopped making lower lows daily. On Wednesday, the trading volume across various marketplaces was 13,150 Ethereum (ETH).
DeGod Records $130,000 sales
While the main NFT metrics are recovering, the DeGod collection recorded the highest transaction. According to data from NFTGO.io, DeGod #5996 was sold for 70 ETH (about $130,000) on the Blur market yesterday.
The latest data from Dune states that the average sale size on the Blur market is 6,309 ETH. Therefore, the sale of DeGod #5996 is about 11 times more than the average sale size.
Jeremy Cowart’s AURAS NFT collection
On Tuesday, 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 has 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 at OpenSea on May 9.
Adidas Golden Ticket
Adidas, the sneaker brand diving deep into the Web3 industry, has launched a Golden Ticket NFT. The NFT will be sent to the winners of a raffle held in the Adidas CONFIRMED app.
The Indigo Herz Twitter account has announced that the Adidas Golden Ticket holder can use it to get a guaranteed allocation in any hype drop within the next year.
AlienSwap Raises $12M Despite NFT Crypto Winter
NFT marketplace and aggregator AlienSwap announced raising $12 million in a strategic round led by NEXT Leader Capital and C² Ventures.
The project wants to use the fund to “expand its engineering team, develop innovative NFT liquidity tools and trading products, and increase investment in NFT infrastructure.”
Have something to say about this article or something else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to objective, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify the facts independently and consult with a professional before making any decisions based on this content.
