After the overall recovery of the cryptocurrency market in November, the NFT market has once again heated up.

Author: Vince Dioquino

Translation: Blockchain in Plain Language

After the overall recovery of the cryptocurrency market in November, the NFT market has once again heated up.

According to CoinGecko's data from December, the market capitalization of this sector has reached $8.8 billion, a 17.3% increase from the previous week. The same data shows that trading volume has also surged significantly: the daily trading volume across the entire chain has skyrocketed by nearly 48% in the past 24 hours.

This trend continues the momentum from November. According to CryptoSlam, NFT sales in November reached $562 million. This figure is the highest level since sales approached $600 million in May of this year.

It is noteworthy that the number of independent buyers in November dropped to only 662,000, while in May, this number exceeded 1 million.

1. Overview of Blue-Chip NFT Data

Blue-chip NFTs continue to dominate the market across all blockchains (including non-EVM chains). CoinGecko's NFT heatmap shows that its current floor price is 42.99 ETH, approximately $159,000. This price has increased by nearly 5% in the past 24 hours and over 14% in a week.

CryptoPunks also led the recovery in November, with a trading volume of $49 million, a 392% increase from October, achieved through only 388 transactions.

Despite the emergence of new NFT collections, CryptoPunks still holds a 40% market share, with a median transaction value of $114,131, indicating that this pioneering collectible remains attractive to serious collectors and investors.

Not to be outdone, the Bored Ape Yacht Club's price remains strong at 21.27 ETH ($79,727), achieving an impressive 75.79% increase in a week, attracting attention from major trading platforms. In the past day, the total trading volume of this series reached 1,486 ETH, showing that whales and collectors are making significant bets.

The market's growth is not limited to traditional hot projects. As a dark horse in the blue-chip NFT space, Pudgy Penguins currently maintains a healthy floor price of 14.869 ETH (approximately $55,758) and has seen nearly a 30% increase in a week. Even the more accessible Azuki, with a floor price of 5.799 ETH, has risen by 8.61% in a single day.

Currently, the three major series—CryptoPunks, BAYC, and Pudgy Penguins—account for 73% of market activity. Meanwhile, Ethereum remains the leader, with sales reaching $216 million in November, while Bitcoin also made significant gains, increasing by 99.44% to $186 million that month.

According to data compiled by Dragonfly Capital analyst Hilldobby through Dune Analytics, in the NFT market on EVM chains, Blur leads with a trading volume of $271 million, followed closely by OpenSea with a trading volume of $161 million.

As for user habits, OpenSea remains the preferred marketplace for most, with approximately 188,000 active traders completing over 2 million transactions. Notably, although Blur has a smaller user base of about 38,000 active traders, its user trading activity is much higher.

2. No Longer at Its Peak

Although recent NFT trading volumes show some signs of recovery, the CryptoSlam 500 NFT index tells a more realistic story, revealing the overall market trend. Currently, the index stands at 1,135.04, down 53.77% from its peak, indicating that we are still far from the heyday when NFTs dominated cryptocurrency headlines and attracted mainstream attention.

This index tracks 500 smart contracts across 11 major blockchains, including Ethereum, Solana, and Polygon, and has significantly declined from its peak of 2,494.74, painting a picture of a market still searching for a new balance.

Despite recent platform innovations and institutional interest bringing a glimmer of hope to the market, data indicates that the NFT market is still struggling to regain the explosive growth that once defined this sector.

Article link: https://www.hellobtc.com/kp/du/12/5565.html

Source: https://decrypt.co/294256/nfts-resurgance-cryptos-bull-run-is-driving-these-assets-higher

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