• The volume for Ethereum NFTs started to go up in mid-October 2023.
• ETH was up by 2% in the last 24 hours, and metrics remained bullish. 

After the NFT summer a few quarters ago, the ecosystem at large somewhat cooled down. Ethereum [ETH], which has the largest NFT ecosystem, also fell victim to the market plummet. 

Read Ethereum’s [ETH] Price Prediction 2023-24

However, things have again started to heat up and can get even better with Yuga Labs’ latest announcement.

An overview of Ethereum’s NFT space

During the last NFT summer, blockchains such as Ethereum, Polygon [MATIC], and Solana [SOL] all witnessed massive booms in their NFT trade volumes and counts.

However, over the next few weeks, investors seemed to have lost interest in the space, causing its numbers to sink. But recently, Yuga Labs, the creator of popular NFT collections like Bored Ape and CryptoPunks, announced the launch of a new marketplace.

Yuga Labs has partnered with Magic Eden to launch the new Magic Eden ETH marketplace. The tweet also mentioned that this marketplace will be the first major ETH marketplace contractually obligated to honor creator royalties.

Planting something new for all creators.

We’re partnering with Magic Eden to launch the new Magic Eden ETH marketplace – the first major ETH marketplace contractually obligated to honor creator royalties.

The marketplace will launch end of 2023, more details soon.

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Author: Dipayan Mitra

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