After months of slowdown, the NFT market is now showing signs of recovery with a 22% increase in trading volume from November, boosted by prices and high activity in blue chip collections.
The non-fungible tokens market appears to be showing signs of recovery, with trading volume up more than 20% in November, according to a report from DappRadar. According to the data, NFT trading volume reached $698 million, up 22% from October.
NFT trading volume and revenue figures in 2024 | Source: DappRadar
DappRadar’s analyst Sara Gherghelas attributes the growth to “increased engagement with top collections” such as Yuga Labs and rising token prices, in addition to increased liquidity and confidence among investors.
“Improved liquidity and greater engagement with top collections promote confidence among collectors and investors, who now view NFTs not only as speculative assets, but also as cultural goods.”
Sara Gherghelas
Despite the growth in trading volume, sales volume fell 11% to 3 million units, which could indicate a shift towards higher value transactions.
You might also like: Nike’s NFT division RTFKT will be shut down after the launch of the final collection
The recovery is also taking place in light of broader market trends. As reported by NFTevening, November also saw an increase in the total NFT market value, which grew to $8.8 billion. At the same time, daily trading volume increased by almost 50% across all chains.
The data shows that leading NFT collections such as 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 rising 75.79% week-on-week to $79,727.
Ethereum (ETH) remains the leader in trading volume, while Polygon (POL) occupies the “top position in terms of number of NFT sales,” Gherghelas says, adding that the rise of marketplaces like Blur, which surpassed OpenSea in trading volume, puts emphasis on the rapidly evolving NFT landscape.
Read more: Lifestyle app STEPN GO expands Adidas partnership to include physical NFT sneakers
