Ethereum NFT- Ethereum Leads with Massive Sales Gains in December
Ethereum NFT– Non-fungible tokens (NFTs) kicked off December with impressive growth, continuing their upward trend from October. Ethereum has maintained its dominance, leading the NFT sales race with significant volume increases in the first week of December.
NFT Market Rebounds in December with $187 Million in Weekly Sales
According to data from CryptoSlam, the NFT market recorded a weekly sales volume of over $187 million in the first week of December. This marks a solid increase from November’s strongest week, where NFTs had a sales volume of $181 million. Notably, this figure also exceeds the NFT market’s weakest period in September, when sales hit their lowest level since 2021.
NFT volumes have seen an overall recovery since their dip earlier in the year. After a decline from March through September, the market began to rebound in October, with a 57% month-on-month increase, bringing in over $562 million in sales for November.
Ethereum NFT Sales Soar: $92 Million in One Week
Ethereum continues to dominate the NFT blockchain space, recording a weekly sales volume of over $92 million. This represents a 44.69% increase from the previous week. The surge in Ethereum’s NFT sales has been driven by popular NFT collections, such as Pudgy Penguins and CryptoPunks, which have seen strong demand.
As CryptoSlam reports, Pudgy Penguins achieved a remarkable $25 million in sales, a 346% increase compared to the previous week. The collection’s floor price also saw a significant rise, from 13 ETH (worth around $3,973) on November 30 to 20.9 ETH (approximately $83,000) on December 8, according to DefiLlama.
CryptoPunks Follow Up with Strong Performance
Following Pudgy Penguins, CryptoPunks claimed the second spot for the week with a sales volume of $16.5 million. CryptoPunks’ floor price briefly surged to 44 ETH (around $160,000) on December 4 before settling at 40 ETH on December 8, as reported by CryptoSlam.
Ethereum’s NFT boom is happening in tandem with its impressive price rally. On December 6, Ethereum broke the $4,000 barrier, reaching a high of $4,067. This price surge is sparking excitement in the crypto community, as analysts speculate that Ethereum is approaching a major paradigm shift.
An analyst suggested that Ethereum may repeat the impulsive breakout it saw from 2016 to 2017, when it reached new all-time highs. The analyst predicts that Ethereum could reach $15,000 in the future, suggesting a potentially significant upside for ETH in the coming months.
The NFT Market’s Bright Future
The NFT space has made a strong comeback in December, with Ethereum leading the charge. The rise of popular collections like Pudgy Penguins and CryptoPunks, coupled with Ethereum’s growing price, highlights the potential for further growth in both the NFT and broader cryptocurrency markets. As we move through December and into 2024, Ethereum’s ongoing success could have a major impact on the NFT landscape.
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.
Leave a comment