Ethereum non-fungible tokens (NFTs) have seen a 2% increase in just 24 hours, following the announcement of a new marketplace by Yuga Labs.
The surge comes after a period of decline in the Ethereum [ETH] NFT ecosystem. However, a recent announcement by Yuga Labs about the launch of a new Ethereum NFT marketplace, in partnership with Magic Eden, has rekindled interest.
Ethereum, Polygon [MATIC], and Solana [SOL] witnessed significant booms in their NFT trade volumes during the previous NFT summer. However, interest waned in the following weeks, leading to a drop in trade numbers.
The launch of the new Magic Eden ETH marketplace, the first major ETH marketplace obligated to honor creator royalties, could potentially reignite the Ethereum NFT ecosystem. The marketplace is set to launch at the end of 2023.
Data analyzed showed an upward momentum in the daily volume of ETH NFTs since mid-October. The past week alone saw the sales volume of ETH NFTs increase by 8%, while total transactions spiked by 6%. The number of sellers and buyers also rose by 13% and 20%, respectively.
While the NFT market experienced an upsurge, Ethereum [ETH] continued its uptrend with a 2% increase in the last 24 hours. As of press time, it was trading at $1,884.45 with a market capitalization of over $226 million.
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