NFTs surge 26% following SEC’s Grayscale ruling and fake news of Bitcoin ETF

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NFTs surge 26% following SEC’s Grayscale ruling and fake news of Bitcoin ETF

The non-fungible token (NFT) market, riding the wave of a bullish weekend, has started the new week with impressive gains. Boosted by the United States Securities and Exchange Commission’s (SEC) failure to appeal against Grayscale and false rumours of a Bitcoin ETF, the NFT markets responded very positively, opening the week recording a 26% sales surge.

SEC Grayscale decision spurs market sentiment

The global NFT space witnessed more than a 20% upswing on Saturday, a direct consequence of the SEC not opposing its prior ruling concerning Grayscale. The regulatory body had until the close of the previous week to contest the decision. 

After the District of Columbia Court proclaimed that the SEC had indeed erred in its judgment by not granting Grayscale the right to transform its Bitcoin trust fund into an ETF, the SEC was given until the 13th of October to oppose the decision, which they didn’t.

SEC's Logo
Source: Wikipedia

24-hour NFT trading volumes point upwards

CryptoSlam.io, a reputed on-chain data aggregator, has revealed a promising outlook for the global NFT market, attributing much of the positive trajectory to the SEC’s bullish announcement. As of this writing, the NFT sector has witnessed a $9.9 million trading volume, marking a 16% increment from the previous week.

The standout star in this scenario is the NFT collection ‘Winds of Yawanawa,’ hosted on Ethereum, the leading blockchain network for NFTs. It boasts the title of today’s most-traded NFT collection, generating a commendable $1.5 million trading volume over the past 24 hours. In a week-on-week comparison, Ethereum-based NFTs have observed a 19% surge in sales.

On the other hand, digital collectibles on Mythos Chain have secured the second position in terms of trading volumes. Despite a slight 5.15% daily dip, they have managed to clock a 5% weekly growth, amassing a total of $1.3 million in sales.

NFTs surge 26% following SEC's Grayscale ruling and fake news of Bitcoin ETF - 1
Source: CryptoSlam

Solana & Immutable X: The dark horses of the NFT market

It’s not just Ethereum making waves in the NFT space. This week, Solana and Immutable X-based NFTs have carved their niche, emerging as the third and fourth most traded NFT collections blockchain. These blockchains have logged trading volumes of $879,138 and $827,62 respectively within the past 24 hours. In terms of growth, Solana NFTs have shot up by 9.27%, while Immutable X has seen a staggering rise of 56.52%.

The ‘Winds of Yawanawa‘ collection, exclusively available on the Scorpios NFT marketplace, has truly stolen the show. This limited-edition collection, comprising 1,000 unique digital art pieces, has attracted an astonishing trading volume of $1.5 million in a mere 24 hours, marking a 445% spike in sales.

Not trailing far behind is the ‘Asset Vault‘ from the Ethereum NFT ecosystem as well. It has emerged as the day’s most significant mover, with a single buyer making headlines by pulling off three hefty transactions totaling around $316k USD, and making the collection grow by a staggering 10,900%

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