of $NFT Even though overall demand and trade volumes are down, the market is seeing markedly higher prices for certain collections. Collections such as ‘Bored Ape Yacht Club’ and ‘Pudgy Penguins’ have seen sharp price increases in recent weeks, while industry data shows both the total number of buyers and general trading activity across the globe. $NFT The scenery has deteriorated considerably.
Prices soar amid market contraction
Under contract $NFT In the market, Bored Ape Yacht Club and Pudgy Penguins stand out due to their jump in lowest prices. In the past 30 days, Bored Ape Yacht Club’s lowest price has increased by 81% and Pudgy Penguins has increased by over 5 $ETH Increase by 20% every week. During the same period, Pudgy Penguins recorded approximately 201 sales in just 7 days and approximately 1,000 sales. $ETH In total trading volume.
These price increases give the impression that the economy is broadly recovering. $NFT Arena. However, the actual number of new buyers is decreasing and market activity is increasingly concentrated in only a few large collections. Experts say higher floor prices mean new investors have to pay more to get in, while lower participation rates are a noteworthy trend.
Decrease in transactions and user activity
According to a report by research firm CryptoSlam, $NFT Sales fell from $304 million in February to about $175 million in April. Over this period, the number of transactions and active users both fell by half. However, the average selling price rose significantly from $30.60 in March to $67.38 in April.
While average prices have increased, both active users and total transactions have nearly halved. $NFT Trading is increasingly limited to a small number of select collections and high-value transactions.
Looking at the stubby penguin, both the soaring price and sustained high sales numbers suggest continued enthusiasm for the collection. In contrast, collections like CryptoPunks still exhibit high trading volumes, but these are primarily the result of a small number of large trades, which have a disproportionate impact on market prices.
Ongoing market imbalance
Clear imbalances remain in broader areas $NFT market. CryptoSlam’s latest analysis reveals that around 50% of its total trading volume still comes from wash trades. Furthermore, despite recent price recovery, our profit and loss balance has deteriorated. $NFT The segment remains negative, with many buyers continuing to face investment losses.
Rising across the broader cryptocurrency ecosystem is also playing a role in driving the rally $NFT price. In the past month $ETH rose nearly 18 percent, and BTC achieved a similar percentage increase. This upward trend is believed to be a central factor in the rise in prices of popular products. $NFT Collection suggests some are on the rise $NFT The price is related to the new risk appetite across the crypto market.
In summary: $NFT The universe is experiencing rapid price increases, reduced trading volumes, and fewer points of participation in rallies that are limited to a few high-value collections and trades.
