The decentralized app tracking platform DappRadar has released a new chart of weekly NFT volumes. After the Merge update, Ethereum (ETH) price drops. However, the trading volume of some ETH-based NFT collections has been on the rise this week. According to the chart published by DappRadar, the leader of the week in terms of volume was Bored Ape Yacht Club (BAYC).
The BAYC collection totaled $6.59 million last week. Renga came after the famous NFT collection. Renga has volume very close to BAYC ($6.12m), increasing its volume by 128% compared to last week.
The Gods Unchained collection took the third place in the ranking. The collection saw an astronomical 391% increase in weekly volume. Ethereum Name Service (ENS), the most popular NFT collection at the beginning of the month, dropped to 6th place with the last week.
Some NFT collections saw an increase in weekly trading volume. However, when we look at the general picture, stagnation still prevails in the NFT markets. The total trading volume of Opensea, the world's largest NFT marketplace, was announced as $81 million. Volume is down 22% from the previous week. According to Bloomberg sources, NFT sales in August of last year were almost 7 times higher than in August 2022. Even this data alone reveals that there is still no general recovery in the NFT market.
EU completes legal text on crypto market regulation
According to the news served by CoinDesk, the European Union has completed the full text of the Crypto Assets Regulation (MiCA) legislation. According to a leaked text of the bill dated September 20 and verified by CoinDesk, EU regulators appear to have covered some assets classified as NFTs as well. In the June 30 update, the draft showed that MiCA does not apply to NFTs that are truly unique and cannot be exchanged with each other.