Following the overall recovery of the cryptocurrency market in November, the NFT market has once again heated up.
Author: Vince Dioquino
Translation: Baihua Blockchain
Following the overall recovery of the cryptocurrency market in November, the NFT market has once again heated up.
According to CoinGecko's December data, the market cap for this sector has reached 8.8 billion USD, up 17.3% from last week. The same data shows that trading volume has also surged significantly: daily trading volume across all chains skyrocketed nearly 48% in the past 24 hours.
This trend continued the enthusiasm of November. According to CryptoSlam data, November's NFT sales reached 562 million USD. This figure marks the highest level since sales approached 600 million USD in May of this year.
Notably, the number of independent buyers in November dropped to just 662,000, while this figure exceeded 1 million in May.
1. Overview of Blue-chip NFT Data
Blue-chip NFT collections continue to dominate the market across all blockchains (including non-EVM chains). CoinGecko's NFT heat map shows its current lowest price at 42.99 ETH, approximately 159,000 USD. This price has increased by nearly 5% in the past 24 hours and over 14% in the past week.
CryptoPunks also led the rebound in November, with a trading volume reaching 49 million USD, a 392% increase from October, achieved through only 388 transactions.
Despite the emergence of new NFT collections, CryptoPunks still commands a 40% market share, with a median transaction value of 114,131 USD, indicating that this pioneering collection continues to hold appeal among serious collectors and investors.
Similarly unwilling to back down, the price of Bored Ape Yacht Club remains strong at 21.27 ETH (79,727 USD), achieving an impressive 75.79% increase over the week, attracting the attention of major trading platforms. In the past day, the total trading volume of the series reached 1486 ETH, indicating that whales and collectors are making significant bets.
The market's growth is not limited to traditional hot projects. As a dark horse in the blue-chip NFT space, Pudgy Penguins currently maintains a healthy floor price of 14.869 ETH (approximately 55,758 USD), achieving nearly a 30% increase over the week. Even the more budget-friendly Azuki, with a floor price of 5.799 ETH, saw an 8.61% increase in a single day.
Currently, the three major series of CryptoPunks, BAYC, and Pudgy Penguins account for 73% of market activity. Meanwhile, Ethereum remains the leader, with November sales reaching 216 million USD, while Bitcoin also cannot be underestimated, growing by 99.44% that month to reach 186 million USD.
According to data compiled by Dragonfly Capital analyst Hilldobby through Dune Analytics, Blur leads the NFT market on EVM chains with a trading volume of 271 million USD, followed closely by OpenSea, with a trading volume of 161 million USD.
As for user habits, OpenSea remains the preferred market for most people, with approximately 188,000 active traders completing over 2 million transactions. Notably, while Blur has a smaller user base, with only about 38,000 active traders, its user trading activity is much higher.
2. No longer at its peak
Although recent NFT trading volumes show some signs of recovery, the CryptoSlam 500 NFT index tells a more realistic story, revealing the overall market trend. Currently, the index stands at 1,135.04, down 53.77% from its peak, indicating that we are still far from the era when NFTs dominated cryptocurrency headlines and attracted mainstream attention.
This index tracks 500 smart contracts across 11 major blockchains, including Ethereum, Solana, and Polygon, having significantly retreated from a peak of 2,494.74, depicting a market still searching for a new balance.
Although recent platform innovations and institutional interest have brought a glimmer of hope to the market, data indicates that the NFT market is still struggling to regain the explosive growth that once defined this space.
Article link: https://www.hellobtc.com/kp/du/12/5565.html
Source: https://decrypt.co/294256/nfts-resurgance-cryptos-bull-run-is-driving-these-assets-higher
