In November 2024, the non-fungible token (NFT) market experienced a major resurgence, with sales volume surging to $562 million. This was a 57.8% increase from October's $356 million and the highest monthly total since May's $599 million.
This increase was primarily driven by blue-chip NFT collections. For example, CryptoPunks saw a staggering 392% jump in revenue, reaching over $49 million in 388 transactions. This was a 213% increase in activity compared to October. CryptoPunks' floor price also rose from 26.3 ETH on November 1st to 39.7 ETH by the end of the month, equivalent to about $147,000 at current market rates.
Similarly, the Pudgy Penguins collection saw a 262% increase in monthly sales, reaching a total of $16 million. During the same period, the minimum price rose from 8.7 ETH to 13 ETH (approximately $48,000).
blue chip NFT
In the blockchain space, Ethereum recorded over $216 million in NFT sales, an increase of 12% from October. Bitcoin-based NFTs recorded the highest growth rate of any major blockchain, with sales nearly doubling to $186 million, an increase of 99.44%. Other platforms such as Solana, Mythos Chain, Immutable, Polygon, and BNB Chain racked up a total of $162.9 million in NFT sales in November.
This resurgence in the NFT market coincides with a rise in the broader cryptocurrency market, suggesting renewed investor confidence and interest in digital collectibles. However, despite this positive trend, current NFT sales volumes remain well below the peaks observed early in previous cycles, indicating that there is room for further growth.
