NFTs Heat Up Amid Crypto Resurgence

The NFT market is riding a wave of renewed interest following a broader crypto rally in November. According to CoinGecko, the sector’s market capitalization has climbed to $8.8 billion, up 17.3% in just a week. Daily trading volumes have also surged nearly 48% in the past 24 hours, signaling increased activity across chains.

November was a turning point, with NFT sales hitting $562 million—the highest monthly total since May’s $600 million. However, the number of unique buyers dropped to 662,000 in November, down from over 1 million in May, reflecting a consolidation of activity among dedicated collectors and investors.

Blue-Chip Collections Dominate

CryptoPunks Leads the Pack

CryptoPunks continues to assert its dominance in the NFT space. With $49 million in November trading volume—a staggering 392% increase from October—the collection demonstrates enduring appeal among high-value investors. CryptoPunks now commands a 40% market share, with a median trade value of $114,131 across just 388 transactions.

BAYC and Pudgy Penguins Surge

Not far behind, Bored Ape Yacht Club (BAYC) has seen its floor price rise to 21.27 ETH ($79,727), marking a 75.79% weekly gain. In the past 24 hours alone, BAYC recorded 1,486 ETH in trading volume, suggesting strong interest from whales and collectors.

Pudgy Penguins has also emerged as a blue-chip contender, with its floor price climbing 30% over the week to 14.869 ETH ($55,758). Meanwhile, Azuki saw a modest but notable 8.61% daily increase, sitting at 5.799 ETH.

Market Concentration and Chain Activity

Top Collections Control Market Activity

Three collections—CryptoPunks, BAYC, and Pudgy Penguins—now account for 73% of total NFT market activity. Ethereum remains the leading blockchain, generating $216 million in November sales, while Bitcoin NFTs saw a remarkable 99.44% monthly surge to $186 million.

Marketplace Dynamics

Blur has taken the lead among NFT marketplaces, handling $271 million in trades across EVM chains, compared to OpenSea’s $161 million. Despite this, OpenSea retains the largest user base, with 188,000 active traders executing over 2 million trades. Blur, in contrast, relies on a smaller, more active user base of around 38,000 traders.

Far From the NFT Boom

While the recent resurgence is encouraging, the NFT market is still far from its previous highs. The CryptoSlam 500 NFT Index, which tracks 500 smart contracts across 11 major blockchains, currently sits at 1,135.04—a 53.77% drop from its peak of 2,494.74.

This decline highlights the ongoing challenges facing the NFT sector as it seeks to regain the explosive growth that once defined it.

The NFT market’s recent performance suggests a tentative recovery, driven by blue-chip collections and a surge in trading activity. However, broader market data reveals a sector still in search of stability and renewed momentum.

As platform innovations and institutional interest grow, the NFT space may yet recapture its former prominence. For now, the market’s trajectory points toward consolidation and gradual rebuilding.