According to BlockBeats, on December 18, Galaxy Research said in a report on Monday that the non-fungible token (NFT) market is showing signs of recovery.
Data cited in the report show that NFT trading volume has been declining for most of this year, but with the US election and the subsequent rebound in the cryptocurrency market, trading volume began to reverse in November. In early November, weekly NFT trading volume exceeded $100 million for the first time since May, reaching $172 million on December 2.
Analyst Gabe Parker wrote: "This recovery was primarily driven by increased activity in the top 25 NFT collectibles by market cap, with participation from major markets such as OpenSea, Blur, and Magic Eden also increasing. Among them, Blur and OpenSea accounted for 60% and 27% of total trading volume in the past 30 days, respectively."
