According to recent data, the NFT market made a notable comeback in November 2024, with sales reaching $562 million, an increase of 57.8% from $356 million in October.
The figure marks the highest monthly total since May's $599 million and reflects renewed interest in digital assets amid a broader recovery in cryptocurrencies. .
This recovery is driven primarily by the increasing role of established NFT collections and blockchain diversity, highlighting a shift in market dynamics towards higher-value transactions.
Collection of blue-chip companies leads market surge
The resurgence of the NFT market is supported by the strong performance of major collections, particularly CryptoPunks and Pudgy Penguins.
CryptoPunks surged 392% in November, reaching $49 million in 388 trades. This was a significant increase in both dollar amount and activity compared to October. CryptoPunks’ floor price jumped from 26.3 ETH in early November to 39.7 ETH by the end of the month, equivalent to about $147,000 based on current ETH prices.
Similarly, Pudgy Penguins showed impressive growth, with sales increasing 262% to $16 million. In the same month, the floor price rose from 8.7 ETH to 13 ETH, reaching around $48,000. These gains reflect the enduring appeal of established NFT collections even as new projects seek to carve out space in the market.
Source: CoinGecko
Ethereum and Bitcoin NFTs grow
Ethereum continues to be the leading blockchain for NFTs, with November sales exceeding $216 million, an increase of 12% from October. Its long-standing infrastructure and developer ecosystem continue to attract creators and traders alike. However, Bitcoin-based NFTs are emerging as a growing force in the market. With sales volume nearly doubling to $186 million, an increase of 99.44%, Bitcoin is establishing itself as a significant contender in the NFT space. This growth is primarily due to the adoption of Ordinals, a protocol that enables NFTs on the Bitcoin blockchain.
Other blockchains, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, generated a total of $162.9 million in NFT sales in November. This shows that the market is becoming increasingly diverse as traders and creators explore alternatives to Ethereum.
Despite the November resurgence, the NFT market remains well below its previous peak, and although sales volumes and interest have recovered, the market has yet to fully recover the participation levels seen in earlier cycles. It shows that it is not.
