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From ghost town to gold rush – DEC 2023 witnesses the revival of NFTs 

NFTs

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TL;DR

  • NFT trading volume nearly hit $1 billion in November, suggesting a market upsurge. DappRadar reported a 125% increase in NFT trading volume last month. The average NFT transaction value rose 114% last month. 
  • Former US President Donald Trump is releasing a third NFT drop called “MugShot,” which is themed around his current criminal indictments.
  • Bitcoin is rising in the NFTs market, but it is still far behind Ethereum’s $41 billion sales record. Bitcoin ranks sixth with $1 billion in sales.

NFTs appear to be making a comeback, with trade volume approaching $1 billion in November. According to data tracking firm DappRadar, NFT trade volume increased by 125% last month. This demonstrates a shift in user behavior about NFTs. 

In addition, the average value of NFT transactions increased by 114% last month. The statistics revealed that the average value of NFT transactions increased from $126 to $270.

NFTs make a Christmas comeback

As crypto markets recover, nonfungible token (NFTs) trading has begun to join the party, with volume approaching $1 billion in November. Web3 executives expect that this trend will continue in the following months.

Despite an apparent gloomy sentiment throughout the year, blockchain gaming startups managed to obtain $2.3 billion in financing from the beginning of 2023 until the end of October. According to an earlier DappRadar analysis, blockchain gaming received $600 million in investments in the third quarter of 2023 alone, despite crypto market prices being lower than at their heights. 

Donald Trump drops an NFT mugshot

According to the Dec. 12 statement, the trading cards are available for purchase via credit card or Wrapped Ether (wETH) and are not transferable until December 31, 2024. Even if they pay with cryptocurrency, users must supply Know Your Customer (KYC) information in order to purchase the NFTs. 

Users who buy 47 or more digital trading cards for $99 each will receive “a piece of the president’s ACTUAL suit from his famous mugshot & dinner at Mar-a-Lago with the President.” Trump’s third NFT reduction follows two previous victories. Melania Trump, the wife of Donald Trump and former First Lady of the United States, has previously introduced an NFT line. 

The flood of digital trading cards has depressed the value of Trump’s earlier NFTs collections. The floor price of the original Trump NFTs published a year ago plunged by roughly 50% shortly after the “Mugshot” collection was unveiled on Tuesday before marginally rebounding. 

According to NFT Price Floor statistics, the lowest-priced card in his second series of NFTs dropped roughly 30% after the publication of the new collection.

Despite the fact that the pricing of the NFTs in the previous two launches subsequently fell, each collection sold out and generated millions of dollars for the 45th president and the business that handled the initiative, NFT INT LLC.

FIFA’s NFTs collection

In conjunction with blockchain firm Modex, the Fédération Internationale de Football Association (FIFA), the body that governs international football championships, will begin its own nonfungible token (NFT) collection ahead of the 2023 Club World Cup in Saudi Arabia.

According to the Dec. 11 announcement, an initial collection of 100 NFTs will debut on Dec. 15 with the opportunity to win tickets to the FIFA World Cup 2026 final. In addition, 900 more digital artifacts, including unforgettable moments from the event and digital reproductions of memorabilia, will be released this month on the Polygon network and OpenSea.

The FIFA+ Collect platform has handled 11 NFT drops since its introduction, with 909,255 digital collectibles produced and 16,448 holders. Trading activity on the platform has reached $2.4 million across primary and secondary NFT markets. 

Despite that, “Mint Volume can be misleading as FIFA+ Collect Info cannot distinguish the packs obtained for free in challenges from the packs purchased with USDC,” according to FIFA+ Collect Info. 

Enjin NFTs migration

Enjin, a NFTs platform, has transferred over 200 million NFTs from Ethereum and a sidechain to its own Enjin Blockchain. 

The NFT platform announced the establishment of its own blockchain in June. Enjin said the new network incorporated NFT-specific capabilities such as NFT transfers and royalty enforcement into the blockchain’s basic code. 

Users will notice various changes as a result of the changeover, including built-in royalties and a new feature dubbed “Fuel Tanks,” which allows developers to subsidize users’ petrol fees. According to the release, the platform would employ this capability to provide customers with three months of free transactions across its ecosystem. 

While Bitcoin has recently made progress in the NFT market, the network is still a long way from surpassing the Ethereum network’s all-time sales of more than $41 billion. The Bitcoin network has currently amassed $1 billion in total sales and is ranked sixth. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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