NFT Market Shows Signs of Recovery with 22% Volume Surge in November Despite Declining Sales

After several months of sluggish performance, the NFT market has begun to show signs of recovery, with trading volume surging by 22% in November, according to a report by DappRadar. The market saw a total of $698 million in trading volume, a significant increase from October’s figures.

DappRadar analyst Sara Gherghelas attributes the rise in volume to increased activity and engagement with blue-chip NFT collections, such as those from Yuga Labs, coupled with rising token prices. These factors have contributed to heightened investor confidence, with many now viewing NFTs as not only speculative assets but also cultural commodities.

Despite the uptick in trading volume, sales volume dropped by 11%, reaching 3 million units. This decline may signal a shift toward higher-value transactions, as collectors focus more on premium assets rather than volume-driven trading.

The overall NFT market value also saw growth, reaching $8.8 billion, while daily trading volume across all chains rose by nearly 50%. Notably, blue-chip collections like CryptoPunks and Bored Ape Yacht Club played a crucial role in driving the rebound. CryptoPunks saw a massive 392% increase in trading volume, while Bored Ape Yacht Club (BAYC) experienced a significant 75.79% rise in its floor price, reaching $79,727.

Ethereum continues to dominate the NFT space in terms of trading volume, while Polygon (POL) has claimed the top spot for the number of NFT sales. The rise of alternative marketplaces like Blur, which recently surpassed OpenSea in trading volume, further highlights the dynamic changes occurring within the NFT ecosystem.