The NFT market, after months of sluggishness, is showing signs of recovery. According to DappRadar, the trading volume in November increased by 22% to reach $698 million. The growth is attributed to increased activity in blue-chip collections such as those from Yuga Labs, rising token prices, enhanced liquidity, and greater confidence among investors.
However, while trading volume rose, the sales volume declined by 11% to 3 million units, suggesting a shift towards more valuable transactions. November also witnessed an increase in the overall NFT market value to $8.8 billion and a near 50% rise in daily trading volume across all chains.
Blue-chip NFT collections like CryptoPunks and Bored Ape Yacht Club were key to the rebound. CryptoPunks had a 392% jump in trading volume, and BAYC’s floor price rose 75.79% week-on-week to $79,727.
Ethereum still leads in trading volume, and Polygon tops in the number of NFT sales. The rise of marketplaces like Blur, which overtook OpenSea in trading volume, reflects the fast-changing NFT landscape.
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