Not only did cryptocurrencies experience a surge in November, but there was also a consistent increase in weekly sales in NFT data. Although the volume is far from its peak in 2021, NFT industry leaders believe that the upward trend is likely to continue. Data released by the blockchain data analysis platform Nansen on November 6th shows that NFT sales volume increased from $56 million in the week ending October 9th to $129 million in the week ending November 6th.
According to Jonathan Perkins, co-founder of the NFT marketplace SuperRare, this upward trend is likely to continue in the coming months. Perkins believes that the worst period is behind us and expects upward volatility in the NFT market in the near future:
“I think the worst of the NFT bear market is behind us, and things are turning around. The marketplace volume will always be variable, but I expect a significant upward trend in the next six months.”
Perkins also believes that the lack of volume in the NFT market is “purely sentimental.” The co-founder of SuperRare stated that no process in the NFT market has gone wrong in the past 18 months:
“NFTs are a fundamental progression on the internet because they bring traceable origins and ownership to digital objects. This unlocks a new online creative economy that could be 100 times bigger than Web2.”
The executive also believes that the NFT market will be a significant part of the online economy in the future and will attract attention, leading to an increase in market volume.
Sonia Shaw, partner and VP of partnerships at the cryptocurrency exchange CoinW, commented on the recent surge in NFT sales, stating that it indicates a broader and deeper interest beyond art and collectible products. Shaw stated that NFTs represent a significant change in digital and physical asset management and made the following remarks:
“Verification applications for unique and valuable items are crucial across industries. NFTs, especially with Web3 and metaverse integrations, are an important part of the evolving crypto economy.”