Based on current knowledge, the NFT market skilled a marked resurgence in November 2024, with gross sales volumes climbing to $562 million, a 57.8% improve from October’s $356 million.
This determine marks the very best month-to-month whole since Could’s $599 million and displays renewed curiosity in digital property amid a broader cryptocurrency restoration.
The rebound, pushed largely by well-established NFT collections and the growing position of blockchain range, highlights a shift in market dynamics towards higher-value trades.
Blue-Chip Collections Lead Market Surge
The revival of the NFT market is underpinned by the robust efficiency of main collections, notably CryptoPunks and Pudgy Penguins.
CryptoPunks recorded a 392% surge in gross sales quantity for November, reaching $49 million throughout 388 transactions—a major improve in each worth and exercise in comparison with October. The ground worth for CryptoPunks rose sharply, from 26.3 ETH firstly of November to 39.7 ETH by month’s finish, equating to roughly $147,000 based mostly on present ETH costs.
Equally, Pudgy Penguins demonstrated spectacular development, with a 262% rise in gross sales quantity to $16 million. Its flooring worth elevated from 8.7 ETH to 13 ETH throughout the month, reaching round $48,000. These features replicate the enduring attraction of established NFT collections whilst newer tasks try to carve out house out there.
Supply: CoinGeckoEthereum and Bitcoin NFTs See Progress
Ethereum stays the dominant blockchain for NFTs, producing over $216 million in gross sales for November, up 12% from October. Its long-standing infrastructure and developer ecosystem proceed to draw creators and merchants alike. Nonetheless, Bitcoin-based NFTs have emerged as a rising pressure out there. With gross sales volumes almost doubling to $186 million—a 99.44% improve—Bitcoin is establishing itself as a major contender within the NFT house. This development is basically attributed to the adoption of Ordinals, a protocol enabling NFTs on the Bitcoin blockchain.
Different blockchains, together with Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively generated $162.9 million in NFT gross sales throughout November. This demonstrates the growing diversification of the market, as merchants and creators discover alternate options to Ethereum.
Regardless of November’s resurgence, the NFT market stays far under its earlier peaks indicating that while gross sales volumes and curiosity are recovering, the market has but to totally regain the degrees of participation seen in earlier cycles.
