TLDR
- Seven months on, NFT sales surge to $40.4 million, setting a notable recent high.
- With $5.6 million in daily transactions, CryptoPunks asserts a commanding 40% share.
- Leading NFT baselines stand at CryptoPunks ($162,000), BAYC ($85,900), and Pudgy Penguins ($54,500).
- The overall NFT market cap rises to $8.8 billion, marking a 17.3% growth within a week.
- November's transaction volume peaked at $562 million, the highest since May 2024.
Late 2024 saw the NFT market make a strong comeback, evidenced by $40.4 million in daily trades — a record in over seven months. A substantial 28% uptick in just 24 hours signals a renewed fascination with digital assets. According to data from CryptoSlam, Ethereum remains the cornerstone of the NFT ecosystem, pulling in $26.4 million daily from sales, with Bitcoin and Solana trailing at $6.3 million and $2.5 million, respectively. The market buzzes with activity from 41,000 buyers and about 30,000 sellers.
As a veteran, CryptoPunks leads the NFT realm with $5.6 million in daily sales, holding 40% of the market. Its legacy and appeal continue despite a slight 4% dip.
Bored Ape Yacht Club (BAYC) shows resilience with a 15% upsurge in 24-hour volume to $3.2 million. As per CoinGecko, collection baseline prices have heightened, with CryptoPunks at $162,000, BAYC at $85,900, and Pudgy Penguins at $54,500.
NFTs have climbed to a market cap of $8.8 billion, reflecting a 17.3% rise in a week. This trend aligns with the broader crypto market reaching a new height of $3.628 trillion.
November 2024 marked a crucial period for NFTs, with sales touching $562 million, the highest since May 2024's $600 million. However, unique buyers fell to 662,000 from over a million in May.
Marketplace dynamics adjusted with Blur leading transaction volume at $271 million and OpenSea trailing at $161 million. OpenSea boasts a larger user base with about 188,000 active traders versus Blur's more engaged group of 38,000.
Cardano’s NFT scene made waves with the priciest deal of the day; an 8-bit Zombie #0388 for over $388,000, driving Cardano’s daily sales to $594,000.
The rise in NFT buyers by 7% suggests increased market activity, expanding across multiple blockchains each manifesting distinct growth patterns.
Beyond top collections, Pudgy Penguins emerges as a blue-chip player, boasting a floor price nearing $55,758 with a 30% weekly boost. Meanwhile, Azuki's base price grew by 8.61% in just a day.
Three collections—CryptoPunks, BAYC, and Pudgy Penguins—command 73% of market action, highlighting a trend towards established assets.
CryptoSlam's 500 NFT Index at 1,135.04 shows a 53.77% drop from its peak, contextualizing the current market stance.
High activity levels reported by trading platforms suggest broader participation and liquidity as EVM chain marketplaces swell.
As of December 2024, the NFT arena hits peak trading levels not seen since late April, with sales steadily increasing across major blockchain channels.
Editor-in-Chief and Kooc Media founder, bustling in the UK's online media space, strongly advocates for open-source tech, blockchain innovation, and equitable internet access for all.
