The non-fungible token (NFT) market appears to be rebounding, with trading volume jumping over 20% in November, according to a DappRadar report.
The data reveals that NFT trading volume reached $698 million, reflecting a 22% rise from October.
DappRadar analyst Sara Gherghelas attributes the growth to heightened engagement with blue-chip collections, such as those from Yuga Labs, along with rising token prices, increased liquidity, and growing investor confidence.
“Improved liquidity and increased engagement with blue-chip collections are fostering confidence among collectors and investors, who are now viewing NFTs not only as speculative assets but also as cultural commodities,”
Gherghelas noted.
Despite the increase in trading volume, sales volume fell by 11% to 3 million units, suggesting a shift toward higher-value transactions.
The recovery also comes amid broader market trends. As reported by NFTevening, the NFT market gained momentum, reaching a value of $8.8 billion, a 17.3% increase in just one week, following a crypto market rebound in November.
NFT trading volumes have surged, with November sales totalling $562 million, the highest since May, though unique buyers decreased to 662,000. Blue-chip collections like CryptoPunks and BAYC continue to lead the market, with floor prices rising significantly. Notable performers include Pudgy Penguins, with a 30% weekly increase. Ethereum remains dominant in sales, but Bitcoin has seen impressive growth. Blur has surpassed OpenSea in trade volume, signalling shifting dynamics in the marketplace.
RELATED: The NFT Market’s Struggles Post-2020 Boom: Will it Ever Recover?
The NFT market has recently been active with numerous project launches and improvements to existing projects. The NFT-focused platform Mint Blockchain received a grant of over $1.35 million in October to enhance the “Superchain NFT economy.” The company announced plans to use these funds to support developers and onboard new users into the ecosystem. It noted that it would share more detailed plans in the near future and encouraged developers and users to share ideas and launch projects on the network.
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