The non-fungible token (NFT) market is seeing a bullish trend, hitting a 3-month high for the second consecutive day with 125,814 trades in the past 24 hours.
This trend is expected to continue as the market has experienced 19 consecutive days with at least $50 million traded every day since the launch of BLUR BLUR/USD on Feb. 15, according to data compiled by NFTgators.
The Blur NFT marketplace has seen an impressive $400 million in weekly volume from 341K trades in the past week, with an average of $1,176 per trade.
OpenSea followed second with $74.8 million from 235,000 trades, with an average trade of only $318, representing about a quarter of Blur's average trade value.
The NFT lending ecosystem continues to expand, with BendDAO, NFTfi, Arcade, and X2Y2 seeing a total of $23.5 million in borrow volume in the past week.
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BendDAO's deposit and borrow total value locked currently stands at over 147.5K Ether ETH/USD, and its collateral holds 516 BAYCs, 518 MAYCs, and 368 Azuki NFTs.
This represents over 30% growth in comparison to the beginning of 2023 (31%, 40%, and 36.9% respectively vs Jan.1).
The growing importance of NFTs as a valuable asset class is highlighted by the blockchain activity on Bitcoin BTC/USD.
To date, Bitcoin has seen a total of 317,035 Ordinals inscriptions, paying 67.0924 BTC in network fees (~$1,502,594.95). This demonstrates that users are willing to pay high fees to secure their transactions.
As the NFT market continues to see growth, it is becoming an increasingly attractive investment option for those interested in unique digital assets, according to NFTgators.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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