After the general recovery of the cryptocurrency market in November, the NFT market heated up again.
Written by Vince Diokino
Translation: Blockchain in local languages
After the general recovery of the cryptocurrency market in November, the NFT market heated up again.
According to CoinGecko data for December, the sector's market capitalization reached $8.8 billion, an increase of 17.3% from last week. The same data shows that trading volumes are also increasing rapidly. In the past 24 hours, daily trading volume across the chain has surged by nearly 48%.
This trend continued to soar in November, with NFT sales reaching $562 million, according to CryptoSlam. The figure is the highest since May, when sales approached $600 million.
Notably, the number of unique buyers decreased from more than 1 million in May to just 662,000 in November.
1. Bluechip NFT data overview
Blue-chip NFT collectibles continue to dominate the market across all blockchains, including non-EVM chains. According to CoinGecko's NFT heatmap, the current lowest price is 42.99 ETH, or about $159,000. Prices have risen nearly 5% in the past 24 hours and are up more than 14% in a week.
CryptoPunks also led the rally in November, with trading volume reaching $49 million, an increase of 392% from October. This was accomplished with just 388 transactions.
Despite early NFT collecting, CryptoPunks still commanded a 40% market share and a median transaction value of $114,131, making it clear that this groundbreaking collectible remains a favorite among serious collectors and investors. It shows that you are attractive.
Not to be outdone, the price of Bored Ape Yacht Club also remained strong at 21.27 ETH ($79,727), achieving an astonishing 75.79% increase in one week and attracting attention from major exchanges. The total trading volume for this series in the past day reached 1,486 ETH, indicating that whales and collectors are betting big.
Market growth is not limited to traditional popular projects. As a dark horse in the blue-chip NFT space, Pudgy Penguins currently holds a healthy floor price of 14.869 ETH (approximately $55,758 USD), marking a nearly 30% increase in one week. Even the more popular Azuki, with a minimum price of 5.799 ETH, rose 8.61% in one day.
Three major series currently account for 73% of market activity: CryptoPunks, BAYC, and Pudgy Penguins. Ethereum, on the other hand, remains the leader, with sales reaching $216 million in November. On the other hand, Bitcoin should not be underestimated either, increasing by 99.44% to $186 million in the same month.
According to data compiled by Dragonfly Capital analyst Hilldobby through Dune Analytics, in the EVM Chain NFT market, Blur leads with a trading volume of USD 271 million, followed by OpenSea with a trading volume of USD 161 million. It continues.
When it comes to user habits, OpenSea remains the preferred marketplace for most people, with around 188,000 active traders and over 2 million completed trades. Although Blur has a small user base, with only about 38,000 active traders, it is worth noting that its users are more active in trading.
2. It's no longer the peak.
While NFT trading volumes have shown signs of recovery recently, the CryptoSlam 500 NFT Index tells a more realistic story about the overall direction of the market. The index is currently at 1,135.04, down 53.77% from its peak. This means that NFTs are still far from their heyday when they once dominated cryptocurrency headlines and captured mainstream attention.
The index, which tracks 500 smart contracts across 11 major blockchains including Ethereum, Solana and Polygon, has fallen sharply from a peak of 2,494.74, highlighting how the market is still searching for a new equilibrium. There is.
While recent platform innovations and institutional investor interest have brought some hope to the market, data suggests the NFT market is still struggling to regain the explosive growth that once defined the sector. It suggests that.
Author: Baibangu 块链
This article reflects the opinions of PANews columnists and does not represent the position of PANews. PANews assumes no legal liability. Articles and opinions do not constitute investment advice.
Image source: Bai话区块链 If there is any infringement, please contact the author to remove it.
