After the overall recovery of the cryptocurrency market in November, the NFT market has heated up again.
Author: Vince Dioquino
Translation: Plain Language Blockchain
After the overall recovery of the cryptocurrency market in November, the NFT market has heated up again.
According to CoinGecko's December data, the market capitalization of this sector has reached 8.8 billion USD, an increase of 17.3% from last week. The same data shows that trading volume has also surged: daily trading volume across all chains skyrocketed by nearly 48% in the past 24 hours.
This trend continues the enthusiasm of November. According to CryptoSlam data, NFT sales in November reached 562 million USD. This figure is the highest since nearly 600 million USD in sales in May of this year.
It is worth noting that the number of independent buyers in November dropped to just 662,000, while this figure exceeded 1 million in May.
1. Overview of Blue-chip NFT Data
Blue-chip NFT collections still maintain market dominance across all blockchains (including non-EVM chains). CoinGecko's NFT heatmap shows that its current lowest price is 42.99 ETH, approximately 159,000 USD. This price has increased nearly 5% in the past 24 hours, and over 14% in a week.
CryptoPunks also led the recovery in November, with trading volume reaching 49 million USD, an increase of 392% from October, achieved through just 388 transactions.
Despite emerging NFT collections, CryptoPunks still holds 40% of the market share, with a median transaction value of 114,131 USD, indicating that this pioneering collectible still retains its appeal among serious collectors and investors.
Similarly unwilling to show weakness, the price of Bored Ape Yacht Club remains strong at 21.27 ETH (79,727 USD), achieving an impressive increase of 75.79% in a week, attracting the attention of major trading platforms. In the past day, the total trading volume of this collection reached 1486 ETH, indicating that whales and collectors are placing significant bets.
Market growth is not limited to traditional hot projects. As a dark horse in the blue-chip NFT field, Pudgy Penguins currently maintains a healthy floor price of 14.869 ETH (approximately 55,758 USD) and has achieved a nearly 30% increase in a week. Even Azuki, which is positioned as more affordable, has a floor price of 5.799 ETH and increased by 8.61% in a single day.
Currently, the three major collections of CryptoPunks, BAYC, and Pudgy Penguins account for 73% of market activity. Meanwhile, Ethereum remains the leader, with November sales reaching 216 million USD, while Bitcoin is not to be underestimated, growing by 99.44% that month to reach 186 million USD.
According to data compiled by Dragonfly Capital analyst Hilldobby through Dune Analytics, Blur leads the NFT market on EVM chains with a trading volume of 271 million USD, followed closely by OpenSea with a trading volume of 161 million USD.
As for user habits, OpenSea remains the preferred market for most, with around 188,000 active traders completing over 2 million transactions. Notably, while Blur has a smaller user base of about 38,000 active traders, its user trading activity is significantly higher.
2. No longer at its peak
Although recent NFT trading volumes show some signs of recovery, the CryptoSlam 500 NFT index tells a more realistic story, revealing the overall trend of the market. Currently, this index stands at 1,135.04, a decrease of 53.77% from its peak, indicating that we are still far from the peak times when NFTs dominated cryptocurrency headlines and attracted mainstream attention.
This index tracks 500 smart contracts across 11 major blockchains, including Ethereum, Solana, and Polygon, having significantly declined from its peak of 2,494.74, depicting a market still seeking a new balance.
Although recent platform innovations and institutional interest have brought a glimmer of hope to the market, data shows that the NFT market is still struggling to regain the explosive growth that once defined the field.
Link to the article: https://www.hellobtc.com/kp/du/12/5565.html
Source: https://decrypt.co/294256/nfts-resurgance-cryptos-bull-run-is-driving-these-assets-higher
