ChainCatcher reported that according to Coindesk, Galaxy Research said in a report on Monday that the non-fungible token (NFT) market is showing signs of recovery.
Data cited in the report show that NFT trading volume has been declining for most of this year, but trading volume began to reverse in November with the US election and the subsequent rebound in the cryptocurrency market. In early November, weekly NFT trading volume exceeded $100 million for the first time since May, reaching $172 million on December 2.
“The recovery was primarily driven by increased activity in the top 25 NFT collectibles by market cap, with participation on major marketplaces such as OpenSea, Blur, and Magic Eden also increasing,” analyst Gabe Parker wrote. “Blur and OpenSea accounted for 60% and 27% of total volume, respectively, over the past 30 days.”
