02/12/2024 NFTs hit $562M in monthly sales volumes, recording six-month high

NFTs had a monthly sales volume of over $562 million in November, surpassing October’s record of $356 million.

NFTs hit $562M in monthly sales volumes, recording six-month high

NFTs had a monthly sales volume of over $562 million in November, surpassing October’s record of $356 million.

Non-fungible tokens (NFTs) have maintained their monthly sales momentum, surging by 57.8% in November as digital collectibles continue to recover.

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On Dec. 1, data company CryptoSlamshowedthat NFTs recorded $562 million in sales in November, a substantial increase in volume from October. CryptoSlam data also indicates that November’s monthly sales volume for NFTs is the highest since May, when digital collectibles had a $599 million sales volume.

NFT sales volume from May to December 2024. Source: CryptoSlam

Despite the surge, NFT monthly volumes are still far from their peak in 2024. In March, digital collectible sales volumes recorded a yearly high of $1.6 billion. However, this was followed by a seven-month slump, with each month’s sales volume decreasing until itreached its lowest pointsince 2021.

CryptoPunks floor price surges by 52%

As the broader crypto markets surged, popular NFT collection CryptoPunks also had an impressive record in November. According to crypto data website DefiLlama, the NFT collection had a floor price of 26.3 EtherETH $3,584.70on Nov. 1. By Nov. 30, CryptoPunks’ floor price hadrisento 39.7 ETH, worth about $147,000 at current market prices.

CryptoPunks floor price data from September to November. Source: DefiLlama

CryptoSlam data alsoshowedthat CryptoPunks had a 30-day sales volume of more than $49 million, a 392% increase compared to the previous month. The collection also recorded 388 sales transactions, 213% more than in October.

Apart from CryptoPunks, the Pudgy Penguins collection also had an impressive November. The collection’s monthly sales volumesurged262% month-on-month, with $16 million in volume.

DefiLlama data alsoshowsthat Pudgy Penguins’ floor price rose from 8.7 ETH on Nov. 1 to 13 ETH, or roughly $48,000, on Nov. 30, a 49% increase.

Ethereum, Bitcoin leads NFT comeback

The Ethereum network led the month with over $216 million in sales volume, a 12% increase from October.

In terms of percentages, Bitcoin recorded the highest increase among the top blockchains for NFTs. The network had $186 million in sales volume, a 99.44% surge from October.

Meanwhile, Solana, Mythos Chain, Immutable, Polygon and BNB Chain collectively recorded $162.9 in NFT sales volume for November.

Arts

https://cointelegraph.com/news/nft-monthly-sales-volume-562-million-november

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