NFT Market- CryptoPunks, BAYC, and Pudgy Penguins Dominate NFT Market
NFT Market– The NFT market has regained momentum following a broader resurgence in the cryptocurrency sector in November. As of December, the market capitalization of NFTs has surged to $8.8 billion, reflecting a 17.3% increase within just one week. Additionally, daily trading volume across all chains has jumped by nearly 48% over the past 24 hours, signaling a strong recovery.
November’s NFT Sales Soar to $562 Million
According to data from CryptoSlam, November marked a milestone with $562 million in sales, the highest monthly volume since May 2023, which saw nearly $600 million in transactions. However, the number of unique buyers has dropped to 662,000 in November, compared to over a million in May. Despite this, blue-chip NFT collections continue to dominate, with the CoinGecko NFT Heatmap showing a 42.99 ETH floor price for leading collections, worth around $159,000. This price has increased by nearly 5% in the last 24 hours and over 14% within the past week.
CryptoPunks Leads November Recovery
CryptoPunks played a pivotal role in November’s NFT market revival, recording $49 million in trading volume. This represents a staggering 392% surge from October, driven by just 388 transactions. Despite newer NFT collections emerging, CryptoPunks continues to hold a 40% market share and maintains an average trade value of $114,131. This underscores its strong appeal among serious collectors and investors.
Bored Ape Yacht Club and Newcomers Gain Ground
Not to be outdone, Bored Ape Yacht Club (BAYC) has shown significant growth, with its floor price holding firm at 21.27 ETH ($79,727), marking a 75.79% weekly gain. The collection recorded 1,486 ETH in trading volume over the past day, indicating that whales and serious collectors are placing large bets on the project. Other emerging collections, such as Pudgy Penguins, have also made waves, maintaining a healthy 14.869 ETH ($55,758) floor price, representing a nearly 30% increase in the last week. Meanwhile, Azuki has seen its floor price rise by 8.61% in just one day, now sitting at 5.799 ETH.
Ethereum and Bitcoin Lead in Sales
Ethereum continues to reign as the dominant blockchain for NFT sales, contributing $216 million in November alone. However, Bitcoin’s growing presence in the space cannot be overlooked, with its NFT sales jumping 99.44% to $186 million for the month. This indicates that Bitcoin’s NFT market is gaining traction, signaling broader adoption across different blockchain ecosystems.
Blur and OpenSea: Dominating the NFT Marketplace
According to data from Dune Analytics and Dragonfly Capital analyst Hilldobby, Blur has emerged as the leading marketplace for NFTs across EVM chains, pushing approximately $271 million in trades. OpenSea, however, remains a dominant force with $161 million in trades. OpenSea continues to be the platform of choice for most traders, with around 188,000 active users executing more than 2 million transactions. Meanwhile, Blur attracts a smaller but more active user base, with around 38,000 traders.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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