Are NFT markets ready for a rebound?

• NFT sales volume climbed by 198% between October and November.
• The values of Blue-chip NFTs have also increased.

The non-fungible token (NFT) market has shown signs of resurgence, experiencing a significant increase in trading volume since October, data from IntoTheBlock has shown. 

While the NFT market remains far below the peak levels seen in the previous bull market, there are some signs of a potential recovery. Specifically, a modest increase in the volume traded in NFTs can be observed, breaking the period of decline that started in the spring of this… pic.twitter.com/UMMtK6pUao

— IntoTheBlock (@intotheblock) December 13, 2023

This surge in activity marks a shift from the year-long decline observed in the NFT vertical.

According to data from CryptoSlam, total sales volume jumped 198% from October to November, reaching $918 million. The last time NFT’s monthly sales volume was this high was in March when the market recorded $931 million in total sales.

AMBCrypto earlier reported that in the last month, sales volume across the NFT market had grown by over 90% to mimic the growth observed across the general crypto market.

In the last 30 days, over 8 million unique NFT transactions have been completed, totaling $1.18 billion. 

Due to the growth in NFT sales volume, the general NFT market capitalization has increased by 3% in the last month. As of this writing, the sum of the market capitalization of all NFT collections totaled $9.01 billion.

Blue-chip NFTs are the biggest winners

Amid the uptick in NFT trading activity, the values of Blue-chip NFTs have risen significantly in the last month. Blue-chip NFTs are considered to be high-quality and have a high potential for future growth.

They are often characterized by their high floor price, strong community, and potential for future utility. It includes NFT projects such as CryptoPunks, Bored Ape Yacht Club [BAYC], CryptoKitties, Milady, etc. 

An important indicator to measure the growth of these NFT collections is the Blue-chip Index.

According to NFTGo, this metric tracks the performance of NFTs deemed high quality by weighting their market capitalization to determine their performance.

Information retrieved from the data provider showed that the Blue-chip Index has risen by 12% in the last 30 days.

This meant that there has been a collective growth in the floor prices and, as a result, the market capitalization of NFTs that make up this category. 

Source: NFTGo

Bitcoin has displaced Ethereum

Since the 2021 and early 2022 NFT bull market, Ethereum consistently led as the blockchain network with the highest sales volume. However, due to the recent boom in the activity around BRC-20 tokens, it has been replaced by the Bitcoin network.

As of this writing, Bitcoin recorded the highest sales volume within the last 24 hours, totaling $25.08 million. Ethereum trailed behind it with a sales volume of $14.15 million recorded during the same period. 

Source: CryptoSlam