After months of slowdown, the NFT market is now showing signs of recovery with a 22% increase in trading volume from November, driven by prices and high activity in blue-chip collections.
The market of non-fungible tokens appears to be showing signs of recovery, with November trading volumes increasing by over 20% annually report by DappRadar. According to the data, NFT trading volume reached $698 million, up 22% from October.
DappRadar analyst Sara Gherghelas attributes the growth to “increased exposure to blue-chip collections” like those from Yuga Labs and rising token prices, as well as increased liquidity and investor confidence.
“Improved liquidity and increased exposure to blue-chip collections is increasing the confidence of collectors and investors who have come to view NFTs not only as speculative assets, but also as cultural assets.”
Sara Gherghelas
Despite the increase in trading volume, sales volume fell by 11% to 3 million units, potentially indicating a shift towards more valuable transactions.
The recovery also comes against the backdrop of broader market trends. As reported According to NFTevening, the total value of the NFT market also increased to $8.8 billion in November. At the same time, daily trading volumes increased by almost 50% across all chains.
Data shows that premium NFT collections are popular CryptoPunks And Bored Ape Yacht Club were crucial to the market’s recovery. While CryptoPunks saw a 392% increase in trading volume, BAYC saw strong demand, with the floor price increasing 75.79% week-on-week to $79,727.
Ethereum (ETH) remains the leader in trading volume, while Polygon (POLE) takes the “top position in the number of NFT sales,” says Gherghelas, adding that the rise of marketplaces like Blur, which surpassed OpenSea in trading volume, underscores the rapidly evolving NFT landscape.
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