Following a significant decline in the volume of non-fungible tokens (NFTs) over recent months, there is now a visible revival in this sector of the Web3 ecosystem.
After dropping from $1.2 billion in April to below $400 million in October, NFT sales have rebounded in November, reaching $562 million, a 57.8% increase from the previous month, as reported by CryptoSlam.
This surge marks the highest monthly sales volume since May, when sales peaked at $599 million.
Despite the positive trend in November, NFT volumes still lag considerably behind their peak of $1.6 billion in March 2024. The subsequent decline over seven months brought volumes down to levels not seen since 2021.
Nonetheless, the momentum in November hints at a potential recovery, driven partly by strong performances from popular NFT collections like CryptoPunks and Pudgy Penguins, alongside a general bullish sentiment in the wider cryptocurrency market.
Leading NFT Collections Boost November Sales
CryptoPunks spearheaded the market’s resurgence with an impressive showing in November.
According to DefiLlama, the collection’s base price surged from 26.3 ETH at the start of November to 44 ETH currently, equating to an increase of roughly $159,148 at the current Ethereum (ETH) prices.
CryptoPunks also saw a 392% spike in monthly sales volume, exceeding $49 million with 388 transactions, a 213% surge from October.
Pudgy Penguins also registered significant growth, with a sales volume increase of over 250% month-on-month, resulting in $16 million in sales.
The floor price of Pudgy Penguins climbed from 8.7 ETH to 14.75 ETH as of now, a 51% rise worth over $53,350.
Ethereum, Bitcoin Lead Blockchain Contribution
Ethereum continued to dominate among blockchains, with $216 million in NFT sales, representing a 12% increase from October.
Meanwhile, Bitcoin (BTC) recorded the highest percentage growth among major NFT networks, with sales volume surging by 99.44% to a total of $186 million.
Other blockchains like Solana, Polygon, and BNB Chain contributed just over $100 million in combined NFT sales for the month.
The NFT market’s resurgence aligns with a broader bullish trend in the cryptocurrency space.
Bitcoin, Ethereum, Solana, and XRP have all witnessed substantial gains over the past month, reflecting growing investor confidence and market activity.
At present, Bitcoin is trading above $95,000, up by 36.9% in the past month. Ethereum is close behind, experiencing a bullish run with a 44.6% increase over the same period.
Solana and XRP have surged by 36% and 364%, respectively, in that timeframe.
With NFTs signaling recovery and the broader market showing momentum, the sector appears to be on track for sustained growth as we move into 2025.