According to blockchain analysis platform Nansen, a pattern of continued growth has emerged in the recent development of the NFT ecosystem.
Over the five-week period, the NFT market saw strong growth in trading volume, especially ETH trading. The upward trajectory began in the week ending October 9, with NFT sales reaching 29,704 ETH.
By November 6, this number had almost doubled to 68,342 ETH. These data suggest a possible recovery in the NFT market, which had experienced a sharp decline in previous months.
The recent spike in trading volume marks the highest since late August and is up 38% from the market’s lowest week in September.
This growth coincides with market movements in major cryptocurrencies such as BTC, ETH, and SOL, indicating a broader recovery in the digital asset space.