After key non-fungible token (NFT) sales metrics hit yearly lows last month, there has been some recovery in the market. In this article, we will shed some light on the recent developments in the NFT space.
While the broader 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 yearly lows. While there is not much of a significant improvement yet, the metrics indicate breaking the streak of new daily lows.
The screenshot below shows that the sales count was hitting a new low daily. However, on Wednesday, the sales count was finally higher than the previous day’s count. Currently, it is over 14,000, which still cannot be considered high in a broader time frame.
Similarly, NFT trading volume has also stopped making lower lows daily. On Wednesday, the trading volume over different marketplaces was 13,150 Ethereum (ETH).
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Author: Harsh Notariya
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