NFT Volume Soars 22% in November, While Sales Struggle

After months of slowdown, the NFT market is beginning to show signs of recovery, marked by a significant 22% increase in trading volume in November. According to data from DappRadar, NFT trading volume reached $698 million last month, up from October, signaling a rebound in market activity.

DappRadar analyst Sara Gherghelas attributes the surge to increased interest in high-value “blue-chip” NFT collections, such as those from Yuga Labs, and rising token prices. This surge in activity, she notes, is driven by improved liquidity, heightened investor confidence, and a broader shift in how NFTs are perceived—moving from purely speculative assets to more established cultural commodities.

“Improved liquidity and increased engagement with blue-chip collections are fostering confidence among collectors and investors, who are now viewing NFTs not only as speculative assets but also as cultural commodities,” said Gherghelas.

Volume Up, Sales Down: A Shift Toward High-Value Transactions

While the trading volume surge is encouraging, overall sales volume saw a decline of 11%, dropping to 3 million units. This decline could signal a shift toward fewer but higher-value transactions, as more investors appear to be focusing on acquiring premium assets.

Blue-Chip Collections Drive Market Rebound

The recovery in the NFT market is closely tied to the performance of blue-chip collections. Iconic NFT projects like CryptoPunks and Bored Ape Yacht Club (BAYC) were particularly instrumental in the rebound. CryptoPunks experienced a dramatic 392% surge in trading volume, while BAYC saw its floor price rise by 75.79% week-on-week, reaching $79,727.

The strong performance of these high-demand collections underscores the continued appeal of top-tier NFTs, which are drawing collectors and investors looking for long-term value.

Broader Market Trends

In addition to the growth in trading volume, the overall value of the NFT market also saw a rise in November, reaching $8.8 billion, according to NFTevening. The increase in daily trading volume across all chains by nearly 50% further reflects the broader recovery in the space.

Ethereum remains the dominant blockchain for NFT trading volume, while Polygon has taken the lead in the number of NFT sales. Additionally, platforms like Blur have been gaining traction, with Blur surpassing OpenSea in trading volume, highlighting the rapidly shifting dynamics in the NFT marketplace.

Outlook for the NFT Market

While the NFT market is still facing some challenges, including the decline in total sales volume, the signs of recovery in trading activity, particularly in high-value collections, indicate a potential turning point. With rising investor confidence, improved liquidity, and the continued strength of blue-chip assets, the market may be poised for a more sustainable recovery in the coming months.

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