The latest data shows that the NFT market recovered significantly in November 2024, with sales climbing to US$562 million, a 57.8% increase from US$356 million in October.
The figure marks the highest monthly total since May at $599 million, reflecting renewed interest in digital assets amid a broader recovery in cryptocurrencies.
This rebound has been driven primarily by mature NFT families and the increasingly important role of blockchain diversity, highlighting a shift in market dynamics toward high-value transactions.
Blue-chip collections lead market surge
The recovery of the NFT market has been driven by the strong performance of major collections, especially CryptoPunks and Pudgy Penguins.
CryptoPunks sales surged 392% in November, reaching $49 million across 388 transactions, a significant increase in both value and activity compared to October. CryptoPunks’ floor price increased significantly, from 26.3 ETH at the beginning of November to 39.7 ETH at the end of the month, equivalent to approximately $147,000 based on current ETH prices.
Similarly, Pudgy Penguins also showed impressive growth, with sales increasing 262% to $16 million. Its floor price rose from 8.7 ETH to 13 ETH that month, reaching around $48,000. These gains reflect the enduring appeal of the existing NFT range, even as new projects try to carve out space in the market.
Source: CoinGeckoEthereum and Bitcoin NFTs see growth
Ethereum remains the dominant blockchain for NFTs, with sales exceeding $216 million in November, a 12% increase from October. Its long-term infrastructure and developer ecosystem continue to attract creators and traders. However, Bitcoin-based NFTs have become a growing force in the market. With sales nearly doubling to $186 million (a 99.44% increase), Bitcoin is becoming a serious contender in the NFT space. Much of this growth is due to the adoption of Ordinals, a protocol that enables NFTs on the Bitcoin blockchain.
Other blockchains, including Solana, Mythos Chain, Immutable, Polygon and BNB Chain, saw NFT sales totaling $162.9 million in November. This demonstrates the growing diversity of the market as traders and creators explore alternatives to Ethereum.
Despite the recovery in November, the NFT market remains well below its previous peak, suggesting that while sales and interest are recovering, the market has not yet fully returned to participation levels seen in earlier cycles.
