NFT Trading Volume Hits 4‑Month High

In Sep­tem­ber, main­stream media out­lets pro­claimed NFTs to be worthless.

Non-fun­gi­ble tokens have surged ever since, with trad­ing vol­umes hit­ting a four-month high on Nov. 10.

Most pop­u­lar col­lec­tions have post­ed dou­ble-dig­it per­cent­age gains over the past month, with Cryp­top­unks see­ing an influx of buy­ers after Yuga Labs co-founder Wylie Aronow shelled out $1.1M for a rare punk.

The NFT com­mu­ni­ty appears to have tak­en mat­ters into their own hands after a recent­ly aired episode of The Simp­sons took aim at NFTs.

While the bounce comes as a wel­come relief for NFT hold­ers, it’s worth not­ing that a lot of the increased activ­i­ty is dri­ven by air­drop farm­ers rather than an influx of new buyers.

Blur Airdrop

Blur, the lead­ing NFT mar­ket­place by vol­ume, has been run­ning an air­drop cam­paign slat­ed to end on Novem­ber 20, with BLUR tokens dis­trib­uted to active traders and lenders.

BLUR has more than dou­bled in price over the past month, lead­ing many air­drop farm­ers who had stopped par­tic­i­pat­ing in the pro­gram to return. This is evi­denced by a spike in dai­ly users of Blur, while OpenSea users have remained rel­a­tive­ly steady.

Mean­while, the total num­ber of NFT traders con­tin­ues to lan­guish near all-time lows even after increas­ing over the past month. “Same ole folks buy­ing NFTs but not many new entrants,” wrote NFTstats.eth.

While it’s too ear­ly to tell if this NFT ral­ly is just a bounce or the start of a new bull mar­ket, the ongo­ing cryp­to ral­ly may have also played a role.

“The mon­ey flow is pret­ty clear. When peo­ple in tra­di­tion­al mon­ey or cryp­to ‘feel’ rich, they go after culture…NFTs (art & PFPs) are the essence of cryp­to cul­ture,” said promi­nent col­lec­tor Bharat Kry­mo.