Non-fungible tokens (NFTs) have shown significant recovery, with major collections like CryptoPunks and Pudgy Penguins driving a notable 57.8% increase in monthly sales volume during November.
According to CryptoSlam data from Dec. 1, NFT sales reached $562 million in November, the highest monthly volume since May 2024, which saw $599 million in sales. CryptoPunks recorded $49 million in sales, a massive 392% increase compared to October, with its floor price climbing from 26.3 ETH to 39.7 ETH (approximately $147,000). The collection also saw 388 transactions, a 213% rise month-on-month. Pudgy Penguins followed suit with $16 million in sales, up 262%, while its floor price increased by 49%, from 8.7 ETH to 13 ETH ($48,000).
The significant gains were recorded throughout November 2024, reflecting a strong month for NFTs after a prolonged slump earlier in the year.
Ethereum remained the dominant blockchain for NFTs, recording $216 million in sales, a 12% increase from October. Bitcoin’s NFT market also surged, posting a 99.44% growth in sales to reach $186 million. Other blockchains, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively contributed $162.9 million.
The resurgence in NFT sales is tied to the broader recovery in cryptocurrency markets, which has rekindled interest in digital collectibles. Strong performances by collections like CryptoPunks and Pudgy Penguins reflect renewed demand, with rising floor prices and transaction volumes signaling increased market activity.
The NFT market benefited from improving sentiment across the crypto sector, with Ethereum continuing to lead sales volume. Bitcoin’s rapid percentage growth highlights its expanding role in the NFT space. Collections with loyal communities and distinctive branding, such as CryptoPunks and Pudgy Penguins, attracted significant attention, driving much of the market’s growth. Despite November’s success, sales remain below the March 2024 peak of $1.6 billion, but the data suggests a positive trajectory for digital collectibles moving forward. This resurgence underscores the resilience and evolving interest in NFTs as the market begins to recover.
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