Article sourced from: Plain Language Blockchain
Author: Vince Dioquino
Translation: Plain Language Blockchain
Following the overall recovery of the cryptocurrency market in November, the NFT market has once again heated up.
According to CoinGecko's December data, the market capitalization of the sector has reached $8.8 billion, up 17.3% from last week. The same data shows that trading volume has also surged significantly: daily trading volume across the entire chain soared nearly 48% in the past 24 hours.
This trend continued the momentum from November. According to data from CryptoSlam, NFT sales in November reached $562 million. This figure is the highest level since sales nearly reached $600 million in May of this year.
It is noteworthy that the number of independent buyers in November fell 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 its current lowest price at 42.99 ETH, approximately $159,000. This price has risen nearly 5% in the past 24 hours and over 14% in a week.
CryptoPunks also led the resurgence in November, with a trading volume of $49 million, a 392% increase from October, achieved through only 388 transactions.
Despite emerging NFT collections, CryptoPunks still accounts for 40% of the market share, with a median transaction value of $114,131, indicating that this pioneering collectible still holds appeal among serious collectors and investors.
Not to be outdone, Bored Ape Yacht Club's price remains strong at 21.27 ETH ($79,727) and has achieved an impressive 75.79% increase over the week, attracting attention from various trading platforms. In the past day, the total trading volume of this collection reached 1,486 ETH, showing that whales and collectors are making significant bets.
Market growth is not limited to traditional hot projects. As a dark horse in the blue-chip NFT space, Pudgy Penguins currently maintains a healthy floor price of 14.869 ETH (approximately $55,758) and has seen nearly a 30% increase over the week. Even Azuki, which targets a more budget-friendly market, has a floor price of 5.799 ETH and increased by 8.61% in a single day.
Currently, the three major series of CryptoPunks, BAYC, and Pudgy Penguins account for 73% of market activity. Meanwhile, Ethereum remains dominant, with sales in November reaching $216 million, while Bitcoin should not be underestimated, as it saw a 99.44% increase for the month, reaching $186 million.
According to data compiled by Dragonfly Capital analyst Hilldobby through Dune Analytics, in the NFT market on EVM chains, Blur leads with a trading volume of $271 million, followed closely by OpenSea with a trading volume of $161 million.
As for user habits, OpenSea remains the market of choice for most, with about 188,000 active traders completing over 2 million transactions. Notably, although Blur has a smaller user base of about 38,000 active traders, its user trading activity is 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 market trend. Currently, the index is at 1,135.04, down 53.77% from its peak, indicating that we are still far from the peak period when NFTs dominated cryptocurrency headlines and attracted mainstream attention.
This index tracks 500 smart contracts on 11 major blockchains, including Ethereum, Solana, and Polygon, which have significantly retreated from their peak value of 2,494.74, depicting a market still searching for a new balance.
Although recent platform innovations and institutional interest have brought a glimmer of hope to the market, data indicates that the NFT market is still struggling to regain the explosive growth that once defined this field.
