- Yuga Labs’ NFTs drive Ethereum NFT market resurgence.
- APE token sees a decline amidst overall market growth.
Over the last few days, the Ethereum NFT market has taken a massive hit, as Bitcoin inscriptions took over. Ethereum-based NFTs such as BAYC and MAYC were severely affected as attention towards inscriptions increased.
However, new data suggests that the demand for Ethereum NFTs has resurfaced.
Time for a comeback?
According to Artemis’ data, the gas used on Ethereum for NFT purposes witnessed a large spike. But NFT marketplaces haven’t been on the receiving end of the growth as sales have moved south.
Based on Dune Analytics’ data, the monthly Ethereum NFTs sold on OpenSea continued to plunge indicating a fall in the health of the Ethereum NFT market.
However, the decline in sales could also be due to enormous competition in the NFT space, with new players such as Uniswap entering the market.
A large part of the interest in Ethereum NFTs could be attributed to the Yuga Labs NFT cohort, which dominated the NFT…