Author: Vince Dioquino
Translator: Baihua Blockchain
After the overall cryptocurrency market warmed up in November, the Non-Fungible Token (NFT) market has heated up again.
According to CoinGecko's data in December, the market capitalization of this sector has reached $8.8 billion, an increase of 17.3% from the previous week. The same data shows that trading volume has also risen significantly: the 24-hour on-chain trading volume has surged by nearly 48%.
This trend has continued the hype of November. According to CryptoSlam's data, NFT sales reached $562 million in November. This figure is the highest since the nearly $600 million in sales in May this year.
It is worth noting that the number of unique buyers in November dropped to only 662,000, compared to over 1 million in May.
1. Overview of Blue-Chip NFT Data
Blue-chip NFT collections have maintained a dominant market position across all blockchains (including non-EVM chains). CoinGecko's NFT heat map shows that their current floor price is 42.99 ETH, about $159,000. This price has risen 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 of $49 million, an increase of 392% from October, achieved through only 388 transactions.
Despite the emergence of new NFT collections, CryptoPunks still accounts for 40% of the market share, and its median transaction value is $114,131, indicating that this pioneering collection remains attractive to serious collectors and investors.
Similarly, the price of the Bored Ape Yacht Club has remained firm at 21.27 ETH ($79,727) and has achieved an impressive 75.79% increase in one week, attracting the attention of major trading platforms. In the past day, the total trading volume of this series reached 1,486 ETH, indicating that whales and collectors are heavily betting.
The market growth is not limited to traditional popular projects. As a dark horse in the blue-chip NFT field, Pudgy Penguins currently maintains a healthy floor price of 14.869 ETH (about $55,758) and has achieved a nearly 30% increase in one week. Even the more accessible Azuki, with a floor price of 5.799 ETH, has also risen by 8.61% in a single day.
Currently, the three major collections of CryptoPunks, BAYC, and Pudgy Penguins account for 73% of market activity. Meanwhile, Ethereum remains the dominant player, with sales of $216 million in November, while BTC also cannot be overlooked, growing by 99.44% to $186 million in the same month.
According to data compiled by Dragonfly Capital analyst Hilldobby through dune analytics, in the NFT market on EVM chains, Blur leads with a trading volume of $271 million, followed by OpenSea with $161 million.
As for user habits, OpenSea remains the market of choice for most people, with about 188,000 active traders completing over 2 million transactions. It is worth noting that while Blur has a smaller user base of only about 38,000 active traders, its user trading activity is higher.
2. Far from the Peak
Although the recent NFT trading volume shows some signs of recovery, the CryptoSlam 500 NFT index tells a more realistic story, revealing the overall trend of the market. Currently, this index stands at 1,135.04, a 53.77% decline from its peak, meaning we are still far from the heyday when NFTs once dominated cryptocurrency headlines and attracted mainstream attention.
This index tracks 500 smart contracts across 11 major blockchains, including Ethereum, Solana, and Polygon, and has fallen significantly from its peak of 2,494.74, depicting a market still in search of a new equilibrium.
Although recent platform innovations and institutional interest have brought a glimmer of hope to the market, the data indicates that the NFT market is still struggling to regain the explosive growth that once defined this sector.
Link to the article: https://www.hellobtc.com/kp/du/12/5565.html
Source: https://decrypt.co/294256/nfts-resurgance-cryptos-bull-run-is-driving-these-assets-higher
