NFTs Resurgance? Crypto’s Bull Run is Driving These Assets Higher

Fresh off a broader crypto market resurgence in November, the NFT market is heating up again.

Data from CoinGecko for December shows that the sector’s market capitalization has reached $8.8 billion, up by 17.3% over a week. The same dataset also points to a surge in volume: daily trading across all chains has jumped nearly 48% in the past 24 hours.

This is coming off the tracks of November, which saw $562 million in sales, according to data from CryptoSlam. Looking at the charts, this figure is the highest sales volume that NFTs have seen since May this year, which saw almost $600 million in sales.

Notably, the number of unique buyers for November has dwindled to just 662,000 compared to May, which had over a million.

Blue chip NFTs: by the numbers

The blue-chip NFT collection has maintained its dominance in the sector across all chains (including those outside EVMs). The NFT Heatmap from CoinGecko shows it’s now commanding a 42.99 ETH floor price, worth around $159,000. This figure is up nearly 5% in the past 24 hours and over 14% on the week.

CryptoPunks also led November’s recovery with $49 million in trading volume, a 392% surge from October across just 388 transactions.

While newer collections have emerged, CryptoPunks’ 40% market share and median trade value of $114,131 demonstrate that the pioneering collection has retained its appeal among serious collectors and investors.

Not to be outdone, Bored Ape Yacht Club is holding firm at 21.27 ETH ($79,727), posting an impressive 75.79% weekly gain that’s turning heads across trading venues. The collection moved 1,486 ETH worth of volume in the past day alone, suggesting whales and collectors are betting big.

The surge isn’t limited to the usual suspects. Pudgy Penguins, which has emerged as a serious contender in the blue-chip space, maintains a healthy 14.869 ETH ($55,758) floor with nearly 30% weekly appreciation. Even Azuki, sitting at a more accessible 5.799 ETH, saw its floor jump 8.61% in a day.

Three collections—CryptoPunks, BAYC, and Pudgy Penguins—now control 73% of all market activity. Meanwhile, Ethereum remains king with $216 million in November sales, though Bitcoin’s making waves with a 99.44% monthly jump to $186 million.

Data from Dune Analytics collated by Dragonfly Capital analyst Hilldobby shows that for marketplaces across EVM chains, Blur has taken the lead, pushing around $271 million in trades, with OpenSea not far behind at $161 million.

When it comes to who’s using what, OpenSea is still the go-to marketplace for most folks, with about 188,000 active traders making over 2 million trades. Interestingly, Blur manages to generate from a smaller but more active user base of around 38,000 traders.

Far from the heydays

While these recent NFT trading volumes show signs of life, the CryptoSlam 500 NFT Index tells a sobering story about the market’s overall trajectory. Currently sitting at 1,135.04, the index has seen a dramatic 53.77% decline from its peak, suggesting we’re still far from the heady days when NFTs dominated crypto headlines and drew mainstream attention.

The index, which tracks 500 smart contracts across 11 major blockchains, including Ethereum, Solana, and Polygon, has fallen from its high of 2,494.74, painting a picture of a market that’s seeking a renewed sense of balance.

While recent platform innovations and institutional interest offer glimmers of hope, the data suggests the NFT market is still working to recapture the explosive growth that once defined the space.

Edited by Sebastian Sinclair