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Though the NFT market is going through a downturn, the overall sentiments are not dead.
NodeMonkes floor price has shown significant movement, surging more than 37.3% in the past 24 hours. A day earlier, it had surpassed the Bored Ape Yacht Club (BAYC), but as of writing, it regained fell back.
As of writing, the floor price of NodeMonkes NFT is $0.71 BTC. However, its trading volume has also shown a growth of 206.2% intraday. In terms of floor price, CryptoPunks is at the top, as its floor price is 47.99 ETH.
NodeMonkes is the second largest NFT collection in terms of market capitalization on CoinGecko.
At the time of writing, 10,000 NFTs had been minted, from which uniquely held by 4,524.
While talking to a renowned crypto media outlet, the Chief Operating Officer of ContentFi Labs, Nick Ruck, notes, “Just as token traders pivoted from ETH to SOL memecoins, NFT traders have been pouring into Bitcoin NFTs,” he further adds, “Runestone and NodeMonkes have seen a surge in buyers and enthusiasts with the latter having managed to flip BAYC which has seen a major selloff in recent weeks.”
NFTs Market Size & Growth
The global NFT (non-fungible token) market is projected to reach $212 Billion in 2030; an annual growth of 33.7% is expected to be seen in the ongoing year. There are claims that the average revenue of users in the NFT marketplace is $162.1 in 2024.
NFT marketplace and NFTs became popular after the constant evolution of blockchain technology.
Grand View Research, Inc.’s report projects that the size of the global cryptocurrency industry will be $11.71 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.1% between 2021 and 2030.
Market Updates
Other than the price and trading volume of cryptocurrencies and digital assets, general global sentiments towards crypto are turning positive. The entire crypto market has flourished significantly since the beginning of 2024; some leading and renowned coins/tokens surged more than 50%.
Eric Balchunas, a senior analyst at Bloomberg, posted that MicroStrategy boasted a staggering trading volume of $8 Billion on March 15, passing Amazon.
This year has proved to be the most profitable for the crypto community, as the much-awaited Bitcoin spot ETF has secured approval from the US SEC. The next awaited approval is of Ethereum spot ETF, which is likely to get approval in May 2024.
Bitcoin price has grown more than 30% in the past 30 days; when writing, it was trading at $66,932. However, the trading volume of BTC has reflected a steep decline of 21.10% in the past 24 hours.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
