Cryptocurrencies
NFT Hype Is on the Rise as Market Steadies After Slump
- New offerings could expand ranks of NFT traders and market
- NFT sales volume is still about 50% lower than in January
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Sales of nonfungible tokens are steadying after a sharp slump earlier this year, as a handful of new products and initiatives revive enthusiasm for a market that lives and dies on hype.
Weekly NFT sales volume is still about half it was in January when there was a blitz of big-ticket sales and celebrity collaborations. But the market is recovering, with weekly volume now up about 32% from a low in March, according to data from Nansen, a blockchain analytics firm.