Originally published on: December 08, 2024
In a powerful start to December, non-fungible tokens (NFTs) are making waves with Ethereum leading the charge in digital collectible blockchain sales.
According to data from CryptoSlam, the first week of December saw digital collectibles raking in over $187 million in weekly sales volume. This impressive figure continues the upward trend that began in October and surpasses the strongest week in November, which saw $181 million in NFT sales.
After facing a decline in sales volume earlier this year, NFTs hit a low point in September before making a remarkable recovery in October. November saw a whopping 57% month-on-month increase with NFT sales volume surpassing $562 million.
Ethereum stood out as the top performer, with $92 million in NFT sales last week, marking a significant 44.69% increase from the previous week. The surge was driven by popular collections like Pudgy Penguins and CryptoPunks, which showed strong performances.
Pudgy Penguins, in particular, recorded $25 million in sales, a remarkable 346% increase from the previous week. The collection’s floor price saw a substantial climb from 13 ETH to 20.9 ETH, valued at approximately $83,000 as of December 8, according to data from DefiLlama.
CryptoPunks also made a strong showing, ranking second among NFT collections with $16.5 million in weekly sales. The collection’s floor price briefly shot up to 44 ETH before settling at 40 ETH, roughly $160,000 on December 8.
Other blockchain networks like Bitcoin, Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow also contributed to the NFT market with a combined weekly sales volume of $47 million.
Ethereum’s NFT surge coincided with a price breakout for ETH, surpassing $4,000 on December 6 with a high of $4,067. Analysts are bullish on ETH’s potential, with predictions of a potential rally that could see the token soar as high as $15,000.
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