The NFT, or non-fungible tokens, market has experienced significant ups and downs in recent years. After the peaks experienced in the previous cycle, the trading volume fell dramatically in the last two years, and by 2024 only the most viable projects remained. However, the volume of NFTs showed a minor recovery in October, and may set a new annual peak in November.
Last week, non-fungible tokens reached a trading volume of $181 million. $67 million worth of sales were made on the Ethereum network, while $60 million worth of Bitcoin-based NFTs were sold. The PudgyPenguins collection stands out in terms of activity and value growth.
The NFT market is on an upward trajectory
In the market of non-fungible tokens, or NFTs, the usual monthly trading volume in 2024 hovered around $300 million on average. In October, the trading volume increased by 18%and reached a turnover of 356 million dollars, and in November, turnover exceeding 180 million dollars was measured only last week.
According to digital collections research platform CryptoSlam, last week’s turnover of $181 million represents a 94% increase compared to the second week of November, when NFT turnover was only $93 million. Sales are clearly led by Ethereum-based and Bitcoin-based NFTs with trading volumes of $67 and $60 million, respectively. The number of registered sales increased by 115% compared to the level of a week ago.
The most active networks of the past week, source: CryptoSlam
Solana, Mythos Chain, Immutable, Polygon, and BNB Chain combined generated $45.5 million in NFT turnover. The average price of NFTs sold showed an 87% increase, compared to $71.11, a collectible digital artwork now costs $133.08.
BoredApes lead and PudgyPenguins NFTs soar
Looking at the last seven days, BoredApeYachtClub’s collection produced the highest trading volume. Funny monkey images were the most active NFTs with a turnover of 2,321 ETH (approx. $7.2 million). And the MutantApeYachtClub NFTs directly connected to them generated an additional 1118 ETH (approx. $3.5 million) in traffic.
NFT collections with the highest turnover of the past week, source: Blur
Despite the decline experienced in recent days, the Doodles and Azuki collections were also particularly active. Doodles NFTs generated a turnover of 1,955 ETH (approx. $6 million) and Azuki generated a turnover of 1,096 ETH (approx. $3.4 million). The price of the lowest NFT of the first collection rose by 48%, but Azuki depreciated by 2.3%.
The PudgyPenguins, LilPudgys and PudgyPresent collections had a particularly good week. Large Penguins are up 26% to 11.78 ETH (approx. $36,500), Small Penguins are up 25% to 1.08 ETH (approx. $3,350), and Fishing Rods are up 62.5 % up to 0.52 ETH (approx. $1600). The reason behind the drastic increase was the capital increase of the parent company Igloo, which is behind the penguins. The company has invested $11 million in blockchain technology startup Abstract.
Prospects for the NFT market
The surge in NFT sales is a sign of bullish momentum in the broader cryptocurrency markets. After the American elections, not only the price of cryptocurrencies jumped, but also the price of NFTs, which suggests that retail investors have started to return to to market. While institutional investors focus on leading cryptocurrencies, retail investors can focus on altcoins and NFTs.
Projects with strong community support on Discord and X try to attract new interested parties, which can further increase the price of digital works of art.
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<p>The post NFT volume of $180 million was measured last week first appeared on CoinBuzzFeed.</p>
