Non-fungible token (NFT) sales volume fluctuates like the daily weather, undergoing multiple changes within a single day. Unlike weather forecasts, predicting NFT news can be more challenging, leaving us uncertain about what to anticipate.
After experiencing a series of declines, the 24-hour sales volume has surged today by 4.55% to reach $36,306,092, as reported by CryptoSlam.
At the time of writing, both buyers and sellers have decreased by 9% and 5%, respectively, while transactions have fallen by 10%, totaling 324,142.
Among the top 10 collections in terms of sales volume, the standout performers are Froganas (+120%) and Pudgy Penguins (+96%).
On the flip side, in today’s NFT news roundup, we find CryptoPunks experiencing a decline of -22%, while Gas Hero Common Heroes show a decrease of -21.7%.
In other NFT news highlights for today, explore Cardano’s entry into the top 10 blockchain list by NFT sales volume, Ethereum reaching its highest volume since June of the previous year, and the growing attraction of NFTs within Corporate America.
Cardano NFT Trading Volume Lands in Top 10
Cardano has made its mark by entering the ranks of top blockchains in terms of NFT trading volume. However, much like most other blockchains over the past 24 hours, it finds itself predominantly in the red. Sales have declined by 19% to reach $117,127, while the number of buyers has increased by 13%.
Examining the sales volume among the top 10 blockchains, the only ones in the green (and today’s winners) are Flow, Solana, and Ethereum, in that order.
Taking a broader perspective by looking at the 7-day performance, Cardano’s NFTs secure the 11th position, just shy of the coveted top 10. Its volume has decreased by 25% to $1,202,929, while the number of buyers has risen by 37%.
Among the top 10 during this period, Solana emerges as the standout performer with a remarkable 43% increase in volume, followed by Ethereum with 23%, and Arbitrum with 6%. All other chains are experiencing declines in their NFT trading volumes.
Ethereum Records Highest Volume Since June
On Thursday, January 18th, the Ethereum NFT market achieved a notable milestone, with a trading volume of $42.7 million. This marked the first time it had surpassed the $40 million mark since the end of June the previous year. This news was initially reported by journalist Colin Wu.
Since the start of the year, the second-highest daily volume was recorded at $32.52 million on January 12th. Following Thursday’s peak, the trading volume has retraced somewhat, although it remains at levels higher than those seen in the preceding weeks and is on par with figures from early December of the previous year.
Specifically, Friday recorded a volume of $29.6 million, Saturday saw $28.2 million, and Sunday registered $25.6 million.
The weekly volume has also surged, reaching levels not witnessed since June 2023. As of January 15th, the weekly volume stood just below $204 million, an increase from $168.9 million the week prior. To provide context, the end of June the previous year recorded a weekly trading volume of $216.6 million.
Over the past two years, the highest trading volume recorded was a staggering $1.4 billion in April 2022.
In terms of marketplaces, Blur claimed the largest share, accounting for 76% of the market. OpenSea followed closely with 16.4%. Behind them were CryptoPunks, X2Y2, and LooksRare in terms of market share.
NFTs Are Attracting Corporate America
Despite the decline in NFT markets compared to two years ago, Corporate America is still discovering valuable applications for NFTs, as reported by Forbes.
According to the report,
“Now that the market has experienced a downturn, a more modest version of NFTs is finding a warm reception in the marketing departments of corporate America.”
In the realm of NFT news, companies such as MasterCard, Coca-Cola, Starbucks, and Lufthansa have all found innovative ways to incorporate these tokens into their strategies. Forbes also noted that sneaker companies could represent the ideal combination of NFT technology and brand marketing.
Several companies, including Nike, Adidas, and Puma, have chosen to launch their own NFT collections as part of this evolving trend.
Nike’s Dunk Genesis collection, overseen by NFT studio RTFKT (which Nike acquired in December 2021), has been described as a significant success. According to Steven Vasilev, the co-founder of RTFKT, “Even though the market is currently in a downturn, our products continue to attract new enthusiasts. Where Nike caters to athletes, we cater to creators.”
Many of these NFT collections are designed for use within loyalty programs, discouraging trading and therefore not contributing to the trading volume on NFT marketplaces.
However, Paul Brody, the Global Blockchain Lead at consulting firm Ernst & Young, has a different perspective. He believes that these NFTs can serve as highly effective advertising tools. In his words, “Your blockchain wallet is going to become a bit like your public trophy case.” He further suggests that we are moving towards a future where NFTs are primarily seen as souvenirs and public displays of achievement, rather than primarily as transferable financial assets.
