NFT Trading Volume Reaches 7-Month High as Market Rebounds

TLDR

• NFT daily sales reached $40.4 million, highest in 7 months
• CryptoPunks leads with $5.6M in daily sales, maintains 40% market share
• Floor prices for top NFTs: CryptoPunks ($162,000), BAYC ($85,900), Pudgy Penguins ($54,500)
• Total NFT market cap hit $8.8 billion, up 17.3% in a week
• November sales volume reached $562 million, highest since May 2024

The NFT market has demonstrated a robust recovery in late 2024, with daily sales reaching $40.4 million, marking the highest trading volume in over seven months. According to data from CryptoSlam, this represents a 28% increase in just 24 hours, indicating renewed interest in digital collectibles.

Ethereum continues to dominate the NFT ecosystem, generating $26.4 million in daily sales. Bitcoin and Solana follow with $6.3 million and $2.5 million in trading volume, respectively. The market has seen active participation from both buyers and sellers, with 41,000 buyers and approximately 30,000 sellers engaging in transactions.

CryptoPunks, one of the oldest and most established NFT collections, maintains its position as the market leader with $5.6 million in daily sales. Despite a 4% dip in recent activity, the collection commands a 40% market share, demonstrating its enduring appeal among collectors.

The Bored Ape Yacht Club (BAYC) collection has shown strong performance as well, with a 15% increase in 24-hour volume to $3.2 million. According to CoinGecko data, the floor prices of major collections have seen notable increases, with CryptoPunks reaching $162,000, BAYC at $85,900, and Pudgy Penguins at $54,500.

NFT Collection Prices on CoinGecko

The total market capitalization of NFTs has grown to $8.8 billion, representing a 17.3% increase over the past week. This growth coincides with broader positive trends in the cryptocurrency market, which recently reached an all-time high of $3.628 trillion in total market capitalization.

November 2024 proved to be a pivotal month for the NFT market, with total sales volume reaching $562 million. This figure represents the highest monthly sales since May 2024, which recorded nearly $600 million in transactions. However, the number of unique buyers has decreased, with November seeing 662,000 buyers compared to over a million in May.

The marketplace landscape has evolved, with Blur leading in transaction volume at $271 million, followed closely by OpenSea with $161 million. OpenSea maintains a larger user base with approximately 188,000 active traders, while Blur operates with a smaller but more active group of around 38,000 traders.

Cardano’s NFT ecosystem has also shown notable activity, with the platform recording the most expensive single NFT sale of the day. An 8-bit Zombie #0388 collectible sold for over $388,000, contributing to Cardano’s total daily sales of $594,000.

The total number of NFT buyers has increased by 7%, indicating growing market participation. The surge in activity spans across multiple blockchain platforms, with each showing distinct patterns of growth and user engagement.

The market’s recovery extends beyond just the top collections. Pudgy Penguins has emerged as a serious contender in the blue-chip space, maintaining a floor price of approximately $55,758 with a 30% weekly appreciation. Azuki, another notable collection, has seen its floor price increase by 8.61% in a single day.

Three collections – CryptoPunks, BAYC, and Pudgy Penguins – now dominate the market, controlling 73% of all market activity. This concentration suggests a preference for established collections among traders and investors.

The CryptoSlam 500 NFT Index, currently at 1,135.04, shows a 53.77% decline from its all-time high of 2,494.74, providing context for the current market position relative to previous peaks.

Trading platforms have reported increased activity, with various marketplaces across EVM chains showing substantial volume. This growth in platform activity indicates broader market participation and liquidity.

The latest data from December 2024 shows the NFT market at its highest trading levels since late April, with global sales volumes continuing to climb across major blockchain networks.