Galaxy Research: NFT market is recovering as trading volume surges

Odaily reported that according to a report by Galaxy Research on Monday, the NFT market is showing signs of recovery. Following the US election and the subsequent rebound in the cryptocurrency market, the NFT market has seen an uptick since November. The report pointed out that for the first time since May, the weekly trading volume of NFTs exceeded $100 million in early November and reached $172 million on December 2; this rebound was mainly driven by increased activity in the top 25 NFT collections, with major market platforms such as OpenSea, Blur, and Magic Eden also seeing increased participation. Over the past 30 days, Blur and OpenSea accounted for 60% and 27% of the total trading volume, respectively. NFTs related to the Pudgy Penguins ecosystem have performed particularly well, with the floor prices of the Pudgy Penguins and Lil Pudgys series increasing by 206% and 265%, respectively. (Coindesk)