A new research report from Binance highlights that the NFT market saw a rebound in November, marking a turnaround from its year-long downturn with sales volume reaching $0.91 billion.
These figures indicate a 200% month-on-month increase, the most substantial growth seen so far in 2023.
Bitcoin NFTs dominate
The research report shared with crypto.news on December 4 points to indicators of this recovery, including Nansen’s NFT-500 Index and the Blue Chip 10 Index, which show reduced year-to-date declines of 49% and 43 respectively %. improvement over the previous month’s 58% and 50%.
Binance also attributes the resurgence in NFT sales to the prominence of Bitcoin NFTs. The $SATS collection, featuring individual satoshis with unique identifiers, is among the highlights with month-on-month sales volume growth of 1,039%, reaching $93 million.
You might also like: Vitalik Buterin’s NFT collection causes Ethereum gas fees to rise
This figure is said to surpass the sales volumes of other prominent NFT collections, including Bored Ape Yacht Club at $42 million and CryptoPunks at $29 million.
A bigger upward trajectory
The report, which looks at various industry trends, also states that November witnessed a sustained upward trajectory in the crypto market, marked by an 11% month-on-month increase in total market capitalization.
Moreover, the defi sector continued its expansion, maintaining the positive trend seen in October, and recorded a notable 10% month-on-month increase in Total Value Locked (TVL) in November. Unlike the start of the year, these numbers show that investor sentiment is likely to turn for the better.
Read more: NFTs remain a permanent part of society | Opinion
