According to recent data, the NFT market experienced a marked resurgence in November 2024, with sales volumes climbing to $562 million, a 57.8% increase from October’s $356 million.
This figure marks the highest monthly total since May’s $599 million and reflects renewed interest in digital assets amid a broader cryptocurrency recovery.
The rebound, driven largely by well-established NFT collections and the increasing role of blockchain diversity, highlights a shift in market dynamics toward higher-value trades.
Blue-Chip Collections Lead Market Surge
The revival of the NFT market is underpinned by the strong performance of major collections, notably CryptoPunks and Pudgy Penguins.
CryptoPunks recorded a 392% surge in sales volume for November, reaching $49 million across 388 transactions—a significant increase in both value and activity compared to October. The floor price for CryptoPunks rose sharply, from 26.3 ETH at the beginning of November to 39.7 ETH by month’s end, equating to approximately $147,000 based on current ETH prices.
Similarly, Pudgy Penguins demonstrated impressive growth, with a 262% rise in sales volume to $16 million. Its floor price increased from 8.7 ETH to 13 ETH during the month, reaching around $48,000. These gains reflect the enduring appeal of established NFT collections even as newer projects attempt to carve out space in the market.
Ethereum and Bitcoin NFTs See Growth
Ethereum remains the dominant blockchain for NFTs, generating over $216 million in sales for November, up 12% from October. Its long-standing infrastructure and developer ecosystem continue to attract creators and traders alike. However, Bitcoin-based NFTs have emerged as a growing force in the market. With sales volumes nearly doubling to $186 million—a 99.44% increase—Bitcoin is establishing itself as a significant contender in the NFT space. This growth is largely attributed to the adoption of Ordinals, a protocol enabling NFTs on the Bitcoin blockchain.
Other blockchains, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively generated $162.9 million in NFT sales during November. This demonstrates the increasing diversification of the market, as traders and creators explore alternatives to Ethereum.
Despite November’s resurgence, the NFT market remains far below its previous peaks indicating that whilst sales volumes and interest are recovering, the market has yet to fully regain the levels of participation seen in earlier cycles.
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