After a period of stagnation, the non-fungible token (NFT) market has seen a remarkable recovery, with trading volumes up 22% in November. This recovery is attributed to the rise in prices of some distinctive collections such as collectible digital art and gaming collections, and increased commercial activity in these collections.

DappRadar analyst Sarah Gergilas attributed this growth to several factors, most notably increased collaborations with major companies such as Yoga Labs, rising prices of NFTs, as well as improved liquidity and increased confidence among investors.

Gergilas added: “The improved liquidity and increased engagement with major companies contribute to the confidence of token collectors and investors, who now view NFTs not only as speculative assets, but as cultural assets with added value.”

This recovery in the NFT market comes in conjunction with broader positive trends in the market. Last November saw a significant increase in the total market cap of non-fungible assets, reaching $8.8 billion, and daily trading volume across all networks increased by nearly 50%. This recovery is attributed to the increased demand for rare and prestigious assets, such as Cryptobanks and Bored Ape Yacht Club,