The NFT market has been continuously booming but recently the market broke its weekly trading volume record. Now, the current record is around $208 million.
The New All-Time-High
Last week was a fruitful one for the NFT market as the reports show that the market has reached new heights. It has registered record-breaking transfers just the last week itself. Especially the weekend saw big transfers of all these digital collectibles. OpenSea which falls under the category of one of the biggest markets saw the trading volumes as high as $35 million on Saturday and then $49 million on Sunday. OpenSea is an Ethereum based marketplace. The platform saw the big transfers of famous digital collectibles such as CryptoPunks and ArtBlocks Curated. At the time of writing, the average price of CryptoPunks stands at around 64 ETH or $165,000 on OpenSea. This is the highest price that has ever been recorded.
On the other hand, Board Ape Yacht Club is yet another popular brand of digital collectibles. This club also observed a record-breaking average price of around 11.2 ETH on Sunday that is around $29,000. Again, ArtBlocks Curated also saw its new all-time high this Saturday. The average price of its NFT collection stands at 8.1 ETH or $21,000. Keeping in mind all these big transfers and movements, the market now has hit a new weekly trading volume high of $208 million.
NFT Market Crash And The Quick Rebound
The NFT market fell by 90% in May. Also, the weekly trading volume dropped down to around $18 million by the end of May. The initial value and the ATH were around $176 million on the 9th of May. Although the NFT market rose sharply after May, the crash led some people to believe that the non-fungible token bubble had burst. But, even after the disbelief, big companies such as Marvel didn’t stop to invest throughout June and July which instilled confidence in the technology. As this graph shows an increase in the trend, NFTs have made a shocking comeback in the market as they set a new all-time high of $208 million. In May, the price of Bitcoin also crashed 50% along with the digital collectibles and general crypto market crash. Currently, Bitcoin’s price is around $39k that is up 3% in the last 7 days. Monthly gains for the crypto are around 14%. Here is a chart showing the price of this coin in the last 3 months.
Still, after the increase, the price is not stable. This is why it is unclear where the crypto will go from this situation next.