Ethereum Reclaims NFT Market Lead, Boosted by Azuki Collection and Anime Speculation
Ethereum Reclaims NFT Market: Azuki as Main Driver
After nearly four weeks, Ethereum has reclaimed the top spot in the NFT market. The Azuki collection is considered the main driver for the increase in NFT sales on Ethereum.
Ethereum Temporarily Overtakes Bitcoin
According to the NFT market tracker CryptoSlam, Ethereum regained its status as the leading blockchain in terms of NFT sales volume on January 6. Ethereum overtook Bitcoin, which had dominated the NFT market in recent weeks.
Sales figures reached $12 million on January 6, the highest value in two weeks. However, at the time of publication, Ethereum had slipped back to second place. Nevertheless, the brief increase drew the attention of market participants.
Azuki Revives Ethereum’s NFT Market
Azuki, a popular collection, is seen as the main driver for the increase in NFT sales on Ethereum. It all started when Azuki liked and reposted posts from the Weeb3 Foundation on social platform X (formerly Twitter). This sparked rumours of a possible partnership between the two companies.
A particular post associated with anime attracted a lot of attention. Many in the community saw this as a hint that ANIME could be Azuki’s upcoming token. Last year, Azuki launched an anime-themed collection of 20,000 NFTs called Elementals. However, the project came under criticism due to duplication allegations.
Optimism for the NFT Market
The recent development raises hopes for the start of a solid and credible market for anime brands in the NFT market. This optimism was reflected in a 30% increase in Azuki’s floor price, as AMBCrypto noted using data from NFT Floor Price. Trading activity for the collection also increased, boosting overall NFT sales on the Ethereum blockchain.
It remains to be seen whether Ethereum, powered by Azuki’s anime push, can reclaim its top spot.
Sources: CryptoSlam, NFT Floor Price, AMBCrypto
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