After months of weakness, the NFT market is showing signs of recovery, with trading volume up 22% as of November, driven by price and high activity in blue-chip chip collections.
The non-fungible token market appears to be showing signs of recovery, with trading volumes surging more than 20% in November, according to a report from DappRadar. According to the data, NFT trading volume reached $698 million, an increase of 22% from October.
NFT transaction volume and sales in 2024 | Source: DappRadar
Sara Gargelas, an analyst at DappRadar, said increased liquidity and confidence among investors, as well as “increased engagement in a collection of blue-chip companies” such as Yuga Labs, and rising token prices are driving growth. It is said that this is a factor.
“Improved liquidity and increased involvement in blue chip collections are fostering confidence among collectors and investors, who now view NFTs not only as speculative assets but also as cultural products. ”
sarah gargelas
Despite the increase in volumes, sales volumes fell 11% to 3 million units, which may indicate a shift towards higher value transactions.
This recovery comes within broader market trends. As NFTevening reported, the value of the overall NFT market also rose in November, growing to $8.8 billion. At the same time, daily trading volumes across all chains increased by almost 50%.
Data shows that blue-chip NFT collections such as CryptoPunks and Bored Ape Yacht Club have been essential to the market's recovery. While CryptoPunks trading volume increased by 392%, BAYC showed strong demand, with the lowest price rising 75.79% week-on-week to $79,727.
Gargelas said Ethereum (ETH) remains the leader in trading volume, and Polygon (POL) maintains the “top position in NFT sales,” adding that companies like Blur, which has surpassed OpenSea in trading volume, The rise of marketplaces means the rapidly evolving NFT landscape.
