According to BlockBeats, Galaxy Research pointed out in a report on Monday that the NFT market is showing signs of recovery. Although trading volume declined for most of the year, it began to reverse in November due to the US election and the rebound of the crypto market.
Weekly NFT trading volume exceeded $100 million for the first time since May in early November and reached $172 million on December 2. Analyst Gabe Parker said the recovery was primarily driven by increased activity in the top 25 NFT collectibles by market cap.
Major marketplaces such as OpenSea, Blur, and Magic Eden saw increased participation, with Blur and OpenSea accounting for 60% and 27% of total volume respectively in the past 30 days.
