The NFT (non-fungible token) market began showing signs of recovery in November after a year-long downtrend, according to a report by Galaxy Research.
The report emphasized that interest in NFTs has revived with the rally in the cryptocurrency market following the US elections.
NFT transaction volumes are increasing
According to Galaxy Research data, weekly NFT trading volumes surpassed $100 million in early November. This value was last seen in May. On December 2, trading volumes reached $172 million, underscoring the recovery in recent months.
Galaxy analyst Gabe Parker noted that the recovery was driven primarily by activity from the top 25 collectibles by market cap. The report noted that activity in the NFT ecosystem was boosted by user engagement on leading NFT marketplaces such as OpenSea, Blur, and Magic Eden.
While 60 percent of the last 30-day trading volumes occurred through the Blur platform, OpenSea accounted for 27 percent of the total volume.
Pudgy Penguins stand out
The report revealed that NFT collections, especially those connected to the Pudgy Penguins ecosystem, attracted attention with their performance in the market. The base price of the Pudgy Penguins collection increased by 206 percent, and the Lil Pudgys collection increased by 265 percent.
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