Originally published on: December 01, 2024
November was a groundbreaking month for Non-Fungible Tokens (NFTs) as sales volumes surged to $562 million, marking a significant 57.8% increase from October. This boost in digital collectibles sales indicates a steady recovery in the NFT market.
According to data from CryptoSlam, November’s sales volume for NFTs is the highest since May, when the market reached a $599 million sales volume. Although still below the peak of $1.6 billion recorded in March 2024, the recent surge suggests positive momentum in the industry.
Leading the charge in November was the popular NFT collection CryptoPunks, which saw its floor price rise from 26.3 ETH to 39.7 ETH over the month. This increase, equivalent to around $147,000 at current market prices, contributed to CryptoPunks’ impressive 30-day sales volume of over $49 million, a 392% increase from the previous month.
In addition to CryptoPunks, the Pudgy Penguins collection also experienced a significant surge in November, with a monthly sales volume increase of 262% to $16 million. The collection’s floor price also rose from 8.7 ETH to 13 ETH, reaching approximately $48,000 by the end of the month.
Ethereum led the way among blockchain networks in NFT sales volume, surpassing $216 million in November, a 12% increase from October. Bitcoin also saw a substantial surge in sales volume, reaching $186 million, a 99.44% increase from the previous month.
Other top blockchain networks including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively recorded $162.9 million in NFT sales volume for November, further highlighting the industry’s growth.
With NFT sales on the rise and key collections seeing impressive gains, the market is showing promising signs of recovery and expansion. Stay informed on the latest trends and opportunities in the NFT landscape by subscribing to the Nifty Newsletter today.