- One of the leading NFT collections, Mad Lads has shown significant price increase in the last 24 hours.
- Analysts are expecting a market recovery for the NFT sector this month.
In the past few months, the NFT sector has shown minimal activity, while other crypto markets exhibited notable increases. However, with the onset of the new month, the community has initiated an optimistic outlook towards the sector. Relatively, the NFT collection Mad Lads, witnessed a 56% increase in total sales volume in the last 24 hours raising investor expectations for NFT revivals.
The anime and Peaky Blinders-based collection, introduced to the market in March 2023, currently holds 10,000 NFTs. According to CoinGecko data, at the time of writing, Mad Lads was trading at a floor price of 99.81 SOL with a 14.5% daily increase. The tokens, in the last 24 hours, momentarily hit 104 SOL, reaching a two-month high since April.
Moreover, with the price increase, Mad Lads has also witnessed a rise in on-chain activity. Crypto slam reports state that the collection recorded a 19% daily increase in buyers. Additionally, the price surge has fueled a selling sentiment as sellers have shown 60% over the last 24 hours.
Over the past week, Mad Lads collection has recorded a significant 215% increase in total sales volume. However, due to previous dips, the monthly performance of sales volume shows a 12% decline. On the other hand, the average hold percentage for Mad Lads shows positive trends with a monthly 12% increase and a daily 35% hike.
What to Expect from the NFT Sector This Month?
After its record sales in 2021, the NFT sector witnessed a tremendous market crash in February 2022. After the incident, the market has failed to rebound to its initial prices and is exhibiting minimalistic increases. However, this has not hindered the launch of new NFTs or their popularity in the crypto sector.
According to analysts, the NFT art revenue is expected to increase to $3 billion revenue by the year 2028. Additionally, Statista reports have predicted that by the end of this year, the NFT sector will hold a revenue of $2.3 billion.
Moreover, Mad Lads’ recent price hike is reflected by other leading NFTs including Bored Ape Yacht Club (BAYC) and Cryptophunks. Other NFTs have also exhibited price recovery and significant increases. This has raised speculations in the community for an NFT rebound in July 2024.
Finally, the overall crypto market has shown signs of recovery in the last 24 hours. Leading cryptocurrencies including Bitcoin and Ethereum have shown upward movements according to CMC data.
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