The NFT market is experiencing a resurgence, with data showing an increase in market capitalization and trading volume in December. Sales in November reached $562 million, the highest since May, although the number of unique buyers has decreased. Blue-chip NFT collections like CryptoPunks and Bored Ape Yacht Club continue to dominate the market, with significant gains in floor prices and trading volume.
CryptoPunks saw a 392% surge in trading volume in November, while Bored Ape Yacht Club posted a 75.79% weekly gain. Newer collections like Pudgy Penguins are also making waves, with a strong floor price and weekly appreciation. Ethereum remains the top platform for NFT sales, but Bitcoin is gaining traction with a significant monthly jump in sales.
Marketplace data from Dune Analytics shows Blur leading in trades, followed closely by OpenSea. OpenSea remains the go-to marketplace for most traders, with a large active user base. However, the CryptoSlam 500 NFT Index paints a less optimistic picture, with a significant decline from its peak, indicating a market still trying to find balance after the explosive growth of NFTs.
While recent platform innovations and institutional interest offer hope for the NFT market, the data suggests that it is still working to recapture the level of growth seen in the past. The surge in trading volume and market capitalization in December indicates a renewed interest in NFTs, but the market still has a long way to go to reach its former glory. With blue-chip collections continuing to dominate and new collections gaining traction, the NFT market is showing signs of life but is far from reaching its heydays.
