NFTs, which attracted great attention during the last bull market, seem to be on the mend again.
In November, NFT (unique token) sales increased by 57.8% month-on-month, reflecting a recovery trend. According to data published by CryptoSlam on December 1, NFT sales reached $562 million in November, a significant increase compared to October.
This sales volume was recorded as the highest monthly sales figure since May, when NFT sales in May stood at $599 million.
NFTs Are Far from Their Peak, But The Recovery Continues
Despite the increase in November, NFT sales volumes remain well behind peak levels set for 2024. In March, digital collectible sales reached an annual high of $1.6 billion.
After this peak, there was a seven-month decline period, and NFT sales volumes fell to their lowest levels since 2021.
CryptoPunks and Pudgy Penguins Are Attracting Attention
With the overall crypto markets recovering, popular NFT collection CryptoPunks has been performing impressively in November. According to data from DefiLlama, the base price of the collection rose from 26.3 ETH on November 1 to 39.7 ETH on November 30.
This represents an increase of around 52%, which puts the price at around $147,000 based on current market value.
CryptoSlam data also noted that CryptoPunks’ 30-day sales volume in November surpassed $49 million, reflecting a 392% increase over October. The collection saw a total of 388 sales, up 213% from October.
Ethereum and Bitcoin Lead the NFT Market
The recovery in the NFT market was led by the Ethereum network, which saw sales volume exceed $216 million in November, a 12% increase compared to October.
The biggest percentage increase occurred on the Bitcoin network. Bitcoin-based NFTs reached $186 million in sales volume in November, with a 99.44% jump.