The NFT market has grown by 17.3% in December, reaching a value of $8.8 billion.
Daily trading volumes have surged nearly 48% in the past day.
After months of decline, the market is showing signs of revival, regaining attention in the crypto space.
The NFT market, once a big hit in the crypto world, is starting to recover after months of slowdown. According to recent CoinGecko data shows the market has grown 17.3% to $8.8 billion in December, with daily trading volumes up nearly 48% in the past day.
November also saw a boost with $562 million in sales, the highest since May. However, the number of unique buyers has dropped significantly, from over a million in May to just 662,000 in November.
Even high-profile figures like Donald Trump ventured into the space, releasing Trump NFTs that performed well and created interest in similar ventures.
The OG NFT collections
Top collections like CryptoPunks, Bored Ape Yacht Club (BAYC), and Pudgy Penguins lead this comeback. CryptoPunks recorded $49 million in November trading, while BAYC saw a 75% weekly price jump, and Pudgy Penguins gained 30% weekly. Together, these collections account for 73% of all market activity.
Despite this progress, the NFT market is far from its peak. The CryptoSlam 500 NFT Index, which tracks major collections, has dropped 53.77% from its all-time high, reflecting ongoing investor concerns.
NFT sales and trading surge with crypto’s rise
As Bitcoin nears $100,000 and the crypto market surges, these are gaining attention again. However, many investors remain cautious after past losses and question whether the market’s growth is sustainable. While there’s hope for a stronger recovery, NFTs must prove their long-term value to win back investor trust.
When the crypto market does well, it makes people more confident about other crypto assets, like NFTs. This confidence helps increase NFT sales and trading, as shown by the recent growth in the NFT market.
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