The recovery of the NFT market
The NFT market is showing signs of recovery. according to Coin GeckoDecember data shows that the market value has increased to US$8.8 billion, a 17.3% increase in just one week. Daily transaction volume across all chains increased by nearly 48% from the previous day, with trading activity also increasing.
Source: CoinGecko
Prior to this, NFT sales in November were strong, reaching $562 million, the highest level since $600 million in May. However, the number of independent buyers fell. There were just 662,000 buyers in November, compared with more than 1 million in May.
Blue-chip NFT collectibles remain the market leader. According to CoinGecko’s NFT heat map data, the base price of these high-quality collections is 42.99 ETH, which is approximately $159,000. The value increased by more than 14% in a week and nearly 5% in a day.
Cryptopunk Played an important role in the recovery in November. The collection’s transaction volume was $49 million, a 392% increase from October, with only 388 transactions. CryptoPunks are a popular choice among investors and collectors, with a 40% market share and a median transaction value of $114,131.
Significant progress has also been made Bored Ape Yacht Club (BAYC). The weekly increase is 75.79%, and the current floor price is 21.27 ETH, or $79,727. Over the past day, BAYC’s trading volume reached 1,486 ETH, indicating strong interest from whales and collectors.
Other series are making waves, too. Chunky penguinA rising contender in the blue-chip space, its base price is 14.869 ETH, equivalent to $55,758, with a weekly appreciation of nearly 30%. Azuki is cheaper at 5.799 ETH, with a single-day floor price increase of 8.61%.
Three series – CryptoPunks, BAYC and Pudgy Penguins – now account for 73% of market activity. Ethereum’s November sales reached $216 million, continuing to lead the way. However, Bitcoin is gaining more and more attention, growing 99.44% monthly to reach $186 million.
The market has also changed significantly. According to Dune Analytics data compiled by Dragonfly Capital analyst Hilldobby, Blur surpassed all other platforms on the EVM chain in processing $271 million in transactions, followed by OpenSea with $161 million.
With over 2 million transactions and 188,000 active traders, OpenSea remains the most popular marketplace. Blur, on the other hand, attracts a smaller but more active number of traders, around 38,000.
Although the NFT market has expanded recently, it is still far from its peak. The CryptoSlam 500 NFT Index tracks 500 smart contracts on 11 blockchains and is currently at 1,135.04. This is down 53.77% from the high of 2,494.74.
While platform innovation and growing institutional interest point to a brighter future, the market is still finding its footing. The days of explosive growth and widespread attention haven’t returned yet, but recent data shows there’s still room for optimism.
