NFT Sales and Floor Prices Surge, Led by CryptoPunks

The NFT market has experienced a significant uptick in daily sales over the past month, driven by the broader crypto market entering a bullish phase. According to data from CryptoSlam, NFT sales surged by 28% in the past 24 hours, reaching $40.4 million. This marks the highest trading volume in the sector in seven months, the last such peak occurring in late April.

Ethereum, Bitcoin, and Solana Lead Sales

Ethereum continues to dominate the NFT space, accounting for $26.4 million of the daily sales. Following Ethereum, Bitcoin and Solana contribute $6.3 million and $2.5 million in trading volume, respectively. These figures highlight Ethereum’s ongoing supremacy in NFT trading, but Bitcoin and Solana are emerging as notable players in the space.

The number of NFT buyers has also grown, with a 7% increase, bringing the total to 41,000 buyers. The number of sellers remains steady, hovering around 30,000 addresses.

Top NFT Collections: CryptoPunks and BAYC Lead the Charge

Among the top NFT collections, CryptoPunks continues to lead, despite a 4% dip in sales. The collection registered $5.6 million in daily sales. Not far behind, Bored Ape Yacht Club (BAYC) saw a 15% increase in trading volume, reaching $3.2 million. The increase in demand for these top-tier NFTs has also led to a surge in their floor prices:

• CryptoPunks: Floor price reached $162,000.
• BAYC: Floor price hit $85,900.
• Pudgy Penguins: Floor price climbed to $54,500.

As a result, CryptoPunks now boasts a market cap of over $1.6 billion, maintaining its status as one of the leading collections in the NFT space.

Notable Sales and Cardano’s NFT Market

In addition to Ethereum-based NFTs, the Cardano blockchain has also seen impressive activity. The most expensive NFT sale of the day came from Cardano, where the 8-bit Zombie #0388 collectible was sold for more than $388,000. The total sales on the Cardano network reached $594,000, with 266 buyers and 28 sellers in the past 24 hours.

Surge in NFT Sales Correlates with Crypto Market Rally

The surge in NFT sales is coinciding with a strong rally in the broader cryptocurrency market. Following the U.S. elections and the political shift resulting from Donald Trump’s victory, the global crypto market cap recently reached an all-time high of $3.628 trillion. This bullish environment has likely contributed to increased interest in both cryptocurrencies and NFTs.

NFT Market on the Rise

With the NFT market showing such strong growth in sales and floor prices, CryptoPunks and BAYC remain at the forefront of the digital collectibles space. As Ethereum continues to dominate, other blockchains like Cardano are emerging as significant contenders. The overall market optimism in the crypto world, driven by major political shifts and new records in crypto market caps, suggests that the NFT market may continue its upward trajectory in the coming months.