According to (CoinDesk) reports, Galaxy Research, the research arm of digital asset management company Galaxy, said in a report on Monday that the NFT market is showing signs of recovery.
NFT trading volume had been on a downward trend for most of the year, but began to reverse after the November U.S. election and subsequent cryptocurrency market rally. Galaxy said weekly NFT sales topped $100 million in early November for the first time since May, and hit $172 million in the week of December 2.
"This recovery has been driven primarily by increased activity in the top 25 collectibles by market capitalization," Galaxy Research analyst Gabe Parker wrote.
Participation from leading NFT trading platforms such as OpenSea, Blur, and Magic Eden has increased, with Galaxy's report indicating that in the past 30 days, NFT trading volumes on Blur and OpenSea accounted for 60% and 27% of total trading volume, respectively.
NFT series related to the Fat Penguin (Pudgy Penguins) ecosystem have performed well, with the report adding that the floor prices for Fat Penguins and Little Penguins (Lil Pudgys) series have increased by 206% and 265%, respectively.
However, after the Fat Penguin ecosystem token PENGU was launched last night, the floor price of Fat Penguins and Little Penguins NFTs has significantly dropped. According to data from CoinGecko, the floor price of Fat Penguins was 17.16 ETH (approximately $66,695) before the deadline, a decline of 48% in the past 24 hours. The floor price of Little Penguins was 1.8 ETH (approximately $6,987), a decline of 51.2% in the past 24 hours.
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