The NFT market shows signs of recovery, reports Galaxy Research. NFT trading volumes, which had been declining for most of the year, began to rise in November following the U.S. elections and the subsequent rally in the crypto market.

By early November, weekly trading volumes exceeded $100 million, reaching $172 million by December 2. The main contribution came from the top 25 collections by market capitalization.

The platforms Blur and OpenSea accounted for 60% and 27% of the volume, respectively. The Pudgy Penguins and Lil Pudgys collections showed significant price increases.