NFT Trading Volume And Sales Climb Again – Crypto News

The non-fungible token (NFT) market has just closed its two strongest months since February as adoption and renewed interest have driven trading volumes to its highest levels this year.

NFT trading volumes were up 9%, but sales counts dipped 4%, showing that while “fewer assets traded hands, collectors are paying more per sale,” according to a report published by blockchain analytics platform DappRadar on Thursday.

CoinGecko shows that trading volumes for NFTs spiked in the last 24 hours, rising more than 25% to reach a high of $7.9 million.

Resurgence driven by adoption

A key driver of the uptick in the NFT market comes from adoption, according to DappRadar analyst Sara Gherghelas, with cases such as the nightclub Hï in Ibiza, an island near Spain, that opened the first permanent NFT art gallery inside a club, showcasing works from NFT artists like Beeple and Mad Dog Jones.

Another driver is the Coinbase layer-2 network Base, which climbed to become the third-largest chain by trading volume, sparked by low minting costs and airdrop speculation.

However, Gherghelas said Ethereum “remains the powerhouse,” commanding 61% dominance in the NFT industry. In August, developers also introduced trustless agents.”

“This could allow AI systems and DApps to safely recognize and interact with one another using NFT-based IDs and reputation layers,” Gherghelas added.