Originally published on: December 08, 2024
The NFT market is off to a roaring start in December, with Ethereum dominating the top digital collectible blockchains in terms of sales. According to data from CryptoSlam, the first week of December saw a record-breaking $187 million in NFT sales volume, surpassing the previous month’s peak.
After experiencing a decline in sales volumes earlier in the year, NFTs made a strong comeback in October and continued to soar in November. Ethereum, in particular, saw a significant increase in NFT sales, with $92 million recorded in the past week alone, driven by popular collections like Pudgy Penguins and CryptoPunks.
Pudgy Penguins, which experienced a staggering 346% increase in sales from the previous week, saw its floor price climb to 20.9 ETH, valued at around $83,000 as of December 8. Meanwhile, CryptoPunks recorded $16.5 million in weekly sales, with its floor price reaching 40 ETH, equivalent to approximately $160,000.
In addition to Ethereum, Bitcoin-based NFTs also saw strong sales, totaling $43.8 million, while other blockchain platforms such as Solana, Immutable, and Polygon contributed to a combined weekly sales volume of $47 million.
The surge in NFT sales on Ethereum coincided with a price breakout for ETH, which surpassed $4,000 on December 6. Some analysts believe that Ethereum could be on the brink of a significant rally, potentially reaching as high as $15,000.
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