he NFT market is starting to heat up once again with Ethereum weekly trading volumes reaching their highest level since May, as reported by The Block. This resurgence can be attributed to NFT marketplace Blur, which has surpassed rival OpenSea in trading volume. The launch of Blur's native token, combined with token incentives, has provided a "powerful cocktail" that has reignited interest in NFT trading, according to Thomas Bialek, an analyst at The Block Research. The market is also being buoyed by the anticipation of upcoming airdrops and the increase in overall market liquidity, with crypto trading volumes steadily rising since the beginning of the year.
In a recent development, two NFT holders from trading firm Degenz Finance made a massive cashout of their Bored Ape Yacht Club collection for over 6,000 ETH ($10 million). They carefully weighed their options and took advantage of the surge in activity on Blur as an opportunity. The Ethereum art and collectibles category also saw a surge in trading volumes last week, marking its highest level since August 2021.
While monthly transaction volumes are on the rise, the number of monthly trades and traders have decreased. However, the increased transaction volumes suggest a promising future for the NFT market. It remains to be seen if the upward trend is sustainable or if it is just a short-term effect of the incentives provided by Blur. Nevertheless, the recent developments have given a glimmer of hope to the NFT market and its enthusiasts.