The non-fungible token (NFT) space has seen many highs in recent memory, with sales totaling hundreds of millions of dollars; however, with the mania for the space fading, signs have emerged that there is still reason for optimism in the sector.
NFTs are becoming more popular.
According to Delphi Digital reports, the number of unique addresses purchasing NFTs has increased despite a significant decrease in space sales. According to the data, the increase in the number of addresses has contributed to the market remaining positive.
According to the data, NFT sales began to decline in September, but the space saw an increase in the number of unique buyers during this time period.
According to NFT sales valuations, OpenSea and SuperRare are the preferred destinations for high-end NFTs. The two NFT marketplaces’ average daily sales are between $30,000 and $60,000. Notably, SuperRare has six times had a daily average sale of $100,000.
OpenSea continues to be the most successful NFT marketplace, accounting for more than 90% of the sector trading volume. Its success has been attributed to the large number of retail NFT sellers who use its platform. In addition, the site leads the table in terms of the number of Ethereum burns it facilitates per day.
Ethereum is the most popular network for NFTs.
Despite the growth of NFTs on other blockchain networks, Ethereum remains the most dominant network in the space, closely followed by Ronin, Axie Infinity’s side chain.
NFT trading volume on Ethereum was over $100 million per day a few months ago, and Ronin has been able to capitalize on the release of Axie Infinity to strengthen its position at the table.
Delphi Digital made special mention of Wax NFTs’ recent progress, attributing the increase in sales volume to how games utilizing NFTs on the network have seen growth in their numbers.