NFTs Reach Six-Month High With $562M in Sales in November

By YGG News • December 4, 2024

NFTs Reach Six-Month High With $562M in Sales in November

The NFT market is showing strong signs of recovery, with November’s sales volume surging to $562 million—a 57.8% increase from October’s $356 million. This marks the highest monthly sales volume since May 2024, when NFTs reached $599 million.

Image source: Getty Images

A Steady Comeback After Months of Decline

Following a seven-month slump that started in March 2024, when NFT sales peaked at $1.6 billion, the market experienced significant declines until reaching its lowest levels since 2021. However, the resurgence in November shows growing interest in digital collectibles, aided by broader optimism in the crypto markets.

CryptoPunks: Floor price increased by 52%, climbing from 26.3 ETH ($96,000) on Nov. 1 to 39.7 ETH ($147,000) by Nov. 30. Sales volume jumped 392%, reaching $49 million, with 388 transactions—a 213% increase compared to October.
Pudgy Penguins: Monthly sales volume surged 262%, totaling $16 million in November. Floor price rose from 8.7 ETH, a 49% gain.

Ethereum and Bitcoin Dominate NFT Sales

Ethereum led the NFT market with $216 million in sales, a 12% rise from October. Bitcoin saw the highest percentage growth among blockchains, with sales volume jumping 99.44% to $186 million. Other networks, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively recorded $162.9 million in NFT sales, highlighting diverse participation across platforms.

The revival in November can be attributed to several factors: Rising demand for high-value collections like CryptoPunks and Pudgy Penguins, broader recovery in the crypto markets, and increased activity across multiple blockchains, led by Ethereum and Bitcoin.

Outlook for the NFT Market

While November’s numbers are promising, they still fall short of the highs seen earlier in 2024. Sustained growth will depend on broader crypto market trends, innovation in NFT utilities, and the ability of collections to attract both new and returning buyers. The resurgence of NFTs in November could signal a turning point for digital collectibles, setting the stage for continued growth into 2025.

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