PANews December 18 news, according to CoinDesk, Galaxy Research stated in a report on Monday that the NFT market is showing signs of recovery. For most of the year, NFT trading volumes have been declining, but after the U.S. elections and subsequent rebound in the cryptocurrency market, there has been a resurgence since November.
The report pointed out that for the first time since May, the weekly trading volume of NFTs exceeded $100 million in early November, reaching $172 million on December 2; this rebound was primarily driven by increased activity of NFT collections ranked in the top 25 by market capitalization, with participation from major market platforms such as OpenSea, Blur, and Magic Eden also increasing. Over the past 30 days, Blur and OpenSea accounted for 60% and 27% of total trading volume, respectively. NFTs related to the Pudgy Penguins ecosystem performed particularly well, with the floor prices of the Pudgy Penguins and Lil Pudgys series rising by 206% and 265%, respectively.
