Crypto Bull Run Revives NFT Market: Sales Hit $8.8 Billion
Release: 2024/12/02 22:54 Reading: 344
Crypto Bull Run Reinvigorates NFT Market: Sales Surge to $8.8 Billion
The NFT market is experiencing a resurgence following the broader crypto market's recovery in November. Data from CoinGecko indicates that the sector's market capitalization has reached $8.8 billion, a 17.3% increase in a week. Daily trading across all chains has surged nearly 48% in the past 24 hours.
In November, NFT sales reached $562 million, the highest monthly volume since May ($600 million), according to CryptoSlam. However, the number of unique buyers has declined from May (over a million) to 662,000 in November.
Blue-chip NFTs Flourish
Blue-chip NFT collections dominate the sector across all chains. The NFT Heatmap from CoinGecko showcases a 42.99 ETH floor price for these assets, approximately $159,000. This represents a 5% increase in the past 24 hours and over 14% weekly.
CryptoPunks led November's recovery with $49 million in trading volume, a 392% surge from October. Its 40% market share and $114,131 median trade value demonstrate its continued appeal.
Bored Ape Yacht Club holds firm with a 21.27 ETH floor price ($79,727) and a 75.79% weekly gain. The collection has moved 1,486 ETH in volume in the past day, indicating strong investor interest.
Pudgy Penguins maintains a 14.869 ETH floor price ($55,758) with 30% weekly appreciation. Azuki, accessible at 5.799 ETH, saw its floor surge 8.61% in a single day.
CryptoPunks, BAYC, and Pudgy Penguins collectively control 73% of market activity. Ethereum remains the dominant platform with $216 million in November sales, while Bitcoin's monthly jump to $186 million is noteworthy.
Blur has emerged as the leading marketplace for EVM chains, with $271 million in trades. OpenSea remains popular with 188,000 active traders, while Blur caters to a smaller but more active user base of around 38,000.
Market Still Below Peak
While recent trading volumes indicate growth, the CryptoSlam 500 NFT Index suggests the market has not fully recovered. The index has declined 53.77% from its peak at 2,494.74, highlighting the ongoing search for stability.
Recent platform innovations and institutional interest provide hope, but the NFT market awaits a return to the explosive growth seen in the past.
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