Resurgence of the nft market
The nft market is showing signs of revival. The industry has accelerated following a recovery in November in the broader crypto market. According <a target="_blank" href="https://www.coingecko.com/en/nft” data-wpel-link=”external” target=”_blank” rel=”nofollow external noopener noreferrer”>CoinGeckoAccording to December data, the market value has risen to $8.8 billion, an increase of 17.3% in just one week. With daily volume up almost 48% over the past day across all chains, trading activity is also picking up.
Source: CoinGecko
This comes after a strong November with nft sales of $562 million, the most since $600 million in May. However, the number of unique buyers has decreased. Only 662,000 buyers registered in November, compared to more than one million in May.
Top-of-the-line nft collections continue to lead the market. These premium collections start at a minimum price of 42.99 eth, or around $159,000, according to data from CoinGecko's nft Heatmap. This value has increased more than 14% in a week and almost 5% in one day.
CryptoPunks played an important role in the November recovery. The collection recorded $49 million in trading volume, 392% more than in October, in just 388 transactions. A popular choice for investors and collectors, CryptoPunks has a 40% market share and an average trading value of $114,131.
Notable progress is also being made by the Bored Ape Yacht Club (BAYC). With a weekly growth of 75.79%, its minimum price is currently 21.27 eth, or $79,727. The previous day, BAYC moved a volume of 1,486 eth, indicating strong interest from whales and collectors.
Other collections are also making waves. Chubby penguinsa rising contender in the blue-chip space, has a price floor of 14,869 eth, equivalent to $55,758, with weekly appreciation of almost 30%. Azuki, priced more accessible at 5,799 eth, saw a minimum price increase of 8.61% in a single day.
Three collections (CryptoPunks, BAYC and Pudgy Penguins) now dominate 73% of market activity. ethereum continues to lead with $216 million in November sales. However, bitcoin is gaining ground, recording a 99.44% monthly increase to $186 million.
There have also been notable changes in the markets. According to data collected by Dragonfly Capital analyst Hilldobby from Dune Analytics, Blur has surpassed all other platforms in the EVM chains in terms of processing $271 million in trades, followed by OpenSea with $161 million.
With over 2 million trades and 188,000 active traders, OpenSea remains the most popular marketplace. Blur, on the other hand, attracts a smaller but more active population of approximately 38,000 traders.
Even with its recent expansion, the nft market is still far from reaching its zenith. The CryptoSlam 500 nft index, which tracks 500 smart contracts on 11 blockchains, stands at 1,135.04. This represents a 53.77% drop from its high of 2,494.74.
Although platform innovations and growing institutional interest point to a brighter future, the market is still finding its footing. The days of explosive growth and widespread attention are yet to return, but recent data shows there is still room for optimism.
