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NFT Market Outperforms with Record Break Transaction Volume

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According to the report, Nansen data showed that the transaction volume of Blur in the NFT market reached 394000 ETHs (about US $653 million) last week, the tr…

NFT Market Outperforms with Record Break Transaction Volume

According to the report, Nansen data showed that the transaction volume of Blur in the NFT market reached 394000 ETHs (about US $653 million) last week, the transaction volume reached 352051, and the number of independent wallets added to the platform was 54119, all reaching a record high.

Blur’s trading volume, trading volume and number of independent wallets all hit a record high last week

Interpretation of the news:


The non-fungible token (NFT) market has witnessed an unprecedented surge in its transaction volume, as reported by Nansen data. The report emphasized that the NFT market witnessed transaction volume worth 394000 ETHs, which is approximately equivalent to 653 million US dollars last week. Moreover, the transaction volume reached 352051, leading to an increase in the number of independent wallets added to the platform and reaching a record high of 54119.

The surge in the transaction volume can be attributed to the growing acceptance and adoption of NFTs by the crypto community. This new genre of digital assets offers a unique way to represent ownership of digital art, music, and other digital content. Notably, the pandemic has made the world more digitized, with people spending more time online. Therefore, digital assets such as NFTs have received more attention than ever before.

The NFT market has become a fascination due to its ability to offer a new and innovative store of value. However, the volatile nature of the cryptocurrency market comes into play when evaluating NFTs, which are tied to Ethereum. Ethereum’s price is known for its constant swinging, and purchasing an NFT when Ethereum is priced high may not be the best decision, as the value of the token may plummet with a drop in the cryptocurrency value.

Additionally, the rise in the number of independent wallets added to the platform is indicative of more people investing in NFTs. Independent wallets allow users the flexibility to safeguard their digital assets outside a centralized exchange. As the market grows more peculiar, individual investors tend to be more cautious of the platform’s security and surge in independent wallet registration.

In conclusion, the NFT market is witnessing an impressive milestone with its record-breaking transaction volume. However, as an emerging tech, investors should weigh the risks associated with a highly volatile market before investing. As the market continues to grow with more actors entering the space, we are likely to see more energy and excitement within the NFT community.

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