NFT Market's Explosive Growth
The non-fungible token (NFT) market has recently witnessed remarkable expansion, characterized by surging prices and increased trading volumes. According to data from CryptoSlam.io, a prominent on-chain data aggregator, the global NFT market has experienced significant growth. Over the past 30 days, driven by the performance of Ethereum and Bitcoin, the market achieved an impressive trading sales volume of $899 million—a substantial 122% increase compared to October.
Exploring Recent Trends
This surge sets the stage for a detailed exploration of the current state of NFTs, shedding light on what traders and collectors can anticipate in the upcoming festive season.
Bitcoin Ordinals, established on the Bitcoin blockchain using Satoshi Ordinal theory, have dominated NFT trading in November. Over the past 30 days, these Bitcoin-based NFT collections amassed an impressive trading sales volume of $370 million, experiencing a remarkable surge of 2163% in sales.
Following closely, Ethereum-based NFT collections, hosted on the largest blockchain network for NFTs, secured the second position in November's most-traded NFT collections. Within the last 30 days, Ethereum-based NFTs recorded a trading sales volume of $344 million, reflecting a notable 51.70% increase in their trading sales volume during this period.
In November, the third most traded NFT collection comprised digital collectibles hosted on Solana, a decentralized blockchain network employing a proof-of-stake consensus mechanism for smart contract functionality. Over the past 30 days, this Solana-based NFT collection garnered a trading sales volume of $74 million, marking an impressive 162% surge from October.
Securing the fourth and fifth positions in November's most-traded NFT collections, non-fungible tokens hosted on Mythos Chain and Polygon demonstrated notable activity. Mythos Chain-based NFTs achieved a trading sales volume of $26 million, while Polygon-based NFTs recorded a sales volume of $25 million within the last 30 days. During this period, Mythos Chain and Polygon experienced a sales flip of 29% and 34%, respectively.
Ten Top Selling NFTs In November:
$SAT BRC-20 NFTs:
Topping the charts, $SAT BRC-20 NFTs, a crypto token on the Bitcoin blockchain, recorded a trading sales volume of $91 million in the past 30 days, surging by an impressive 1,068%.
$RAT BRC-20 NFTs:
Following closely, $RAT BRC-20 NFTs, another animal crypto token on the Bitcoin blockchain, secured the second position with a trading sales volume of $44 million.
Bored Ape Yacht Club:
The iconic Bored Ape Yacht Club, featuring a limited edition of 10,000 NFTs on the Ethereum network, claimed the third spot with a trading sales volume of $42 million, experiencing a 93% surge.
CryptoPunks NFT Collection:
The renowned CryptoPunks collection, featuring 10,000 Ethereum-based NFTs, claimed the fourth position with a trading sales volume of $28 million, marking a 157% surge.
DMaDMarket NFT Collection:
Hosted on the Mythos Chain blockchain, the DMarket NFT collection rounded out the top five with a trading sales volume of $25 million, despite a 30% decline from October.
Gods Unchained NFTs
- Ranked sixth in November, Gods Unchained on Immutable X garnered $22 million in trading sales, surging by 54%.
Bitcoin Ordinals 'Uncategorized NFTs'
- In seventh place, Bitcoin Ordinals on the Bitcoin blockchain saw a $20 million trading sales volume, marking a remarkable 1598% increase.
The Captainz NFTs
- The eighth position goes to The Captainz by Memeland, with $18 million in trading sales and a significant 154% surge in November.
$BTCs BRC-20 NFTs
- Ranked ninth, $BTCs on the Bitcoin blockchain achieved $17.6 million in trading sales, experiencing an impressive 3377% surge.
Mad Lads NFTs
- Mad Lads on the Solana framework by Coral secured the tenth spot with $17.3 million in trading sales, witnessing a substantial 773% surge.
Top Expensive NFTs in November:
During November, the Uniswap V3 Position, an NFT collection within the Uniswap protocol on Ethereum, stood out as the most expensive, commanding a price tag surpassing $1.6 million in a sale that transpired just 12 days ago. Not far behind, the $BTCs BRC-20 NFT collection secured the second position in the hierarchy of November's priciest NFTs, achieving a substantial sale price of $376,307, with the transaction taking place fourteen days ago.
NFT Market Projections for December 2023
In September, Statista's Projections
Global NFT Market: Anticipated Growth to $1.6 Billion
Statista, a renowned crypto research firm, forecasted in September that the global non-fungible token market would surge to $1.6 billion. Additionally, the average revenue per user in the NFT market was projected to reach US$114.8 by the year 2023.
Implications of November's NFT Performance
Considering the Remarkable Surge
Outlook for December: A Bullish Turn
Given the remarkable performance of NFTs in November, there is a promising outlook for December, suggesting potentially more bullish trends in terms of NFT adoption.
NFTs as Festive Gifts: Christmas and New Year 2024
A Growing Trend
Anticipated Rise in Usage
As the Christmas festivity approaches and preparations for the Happy New Year 2024 celebrations begin, it is anticipated that more crypto users and NFT traders will turn to non-fungible tokens for gifting purposes, contributing to a potential surge in usage during the upcoming celebrations.
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