The NFT market is experiencing a strong "revival" with monthly sales exceeding $562 million in November, surpassing the record of $356 million in October.
NFT sales increased by 57.8% in November 2024, marking a strong recovery of the market
According to data from CryptoSlam on December 1, Non-Fungible Tokens (NFTs) recorded sales of $562 million in November, a significant increase compared to October. This is the highest sales level since May, when the NFT market reached $599 million.
However, the November sales are still far from the peak in 2024. In March, NFT sales reached a record high of $1.6 billion, but then went through a 7-month decline, reaching the lowest level since 2021.
The famous CryptoPunks collection had an impressive November. Data from defillama shows that the floor price of CryptoPunks increased from 26.3 ETH on November 1 to 39.7 ETH (around $147,000) on November 30.
According to CryptoSlam, CryptoPunks recorded $49 million in sales in 30 days, an increase of 392% compared to October. The trading volume of this collection also increased by 213%, with 388 transactions recorded.
In addition to CryptoPunks, the Pudgy Penguins collection also saw strong growth. The monthly sales of this collection reached $16 million, an increase of 262% compared to the previous month. The floor price of Pudgy Penguins increased from 8.7 ETH at the beginning of November to 13 ETH (around $48,000) at the end of the month, an increase of 49%.
- Ethereum led the market with sales of over $216 million, up 12% from October.
- Bitcoin recorded the highest sales growth among the top blockchains, reaching $186 million, an increase of 99.44% compared to the previous month.
- Other blockchains such as Solana, Mythos Chain, Immutable, Polygon, and BNB Chain recorded combined sales of $162.9 million in November.
The NFT market is recovering in parallel with the growth of the broader cryptocurrency markets, as evidenced by the significant growth of leading collections and blockchains.
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The article The NFT market is "booming", reaching a trading volume of $562 million first appeared on CoinMoi.
