Based on latest information, the NFT market skilled a marked resurgence in November 2024, with gross sales volumes climbing to $562 million, a 57.8% enhance from October’s $356 million.
This determine marks the best month-to-month complete since Could’s $599 million and displays renewed curiosity in digital belongings amid a broader cryptocurrency restoration.
The rebound, pushed largely by well-established NFT collections and the growing position of blockchain range, highlights a shift in market dynamics towards higher-value trades.
Blue-Chip Collections Lead Market Surge
The revival of the NFT market is underpinned by the robust efficiency of main collections, notably CryptoPunks and Pudgy Penguins.
CryptoPunks recorded a 392% surge in gross sales quantity for November, reaching $49 million throughout 388 transactions—a major enhance in each worth and exercise in comparison with October. The ground worth for CryptoPunks rose sharply, from 26.3 ETH initially of November to 39.7 ETH by month’s finish, equating to roughly $147,000 based mostly on present ETH costs.
Equally, Pudgy Penguins demonstrated spectacular development, with a 262% rise in gross sales quantity to $16 million. Its ground worth elevated from 8.7 ETH to 13 ETH in the course of the month, reaching round $48,000. These beneficial properties replicate the enduring enchantment of established NFT collections at the same time as newer tasks try to carve out area available in the market.
Supply: CoinGeckoEthereum and Bitcoin NFTs See Progress
Ethereum stays the dominant blockchain for NFTs, producing over $216 million in gross sales for November, up 12% from October. Its long-standing infrastructure and developer ecosystem proceed to draw creators and merchants alike. Nonetheless, Bitcoin-based NFTs have emerged as a rising power available in the market. With gross sales volumes practically doubling to $186 million—a 99.44% enhance—Bitcoin is establishing itself as a major contender within the NFT area. This development is essentially attributed to the adoption of Ordinals, a protocol enabling NFTs on the Bitcoin blockchain.
Different blockchains, together with Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively generated $162.9 million in NFT gross sales throughout November. This demonstrates the growing diversification of the market, as merchants and creators discover options to Ethereum.
Regardless of November’s resurgence, the NFT market stays far under its earlier peaks indicating that while gross sales volumes and curiosity are recovering, the market has but to completely regain the degrees of participation seen in earlier cycles.
