{"id":19759,"date":"2024-12-02T07:39:18","date_gmt":"2024-12-02T12:39:18","guid":{"rendered":"https:\/\/sikaoer.com\/nfts-resurgence-cryptos-bull-run-is-driving-these-assets-higher\/"},"modified":"2024-12-02T07:39:18","modified_gmt":"2024-12-02T12:39:18","slug":"nfts-resurgence-cryptos-bull-run-is-driving-these-assets-higher","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/nfts-resurgence-cryptos-bull-run-is-driving-these-assets-higher\/","title":{"rendered":"NFTs Resurgence? Crypto’s Bull Run is Driving These Assets Higher"},"content":{"rendered":"


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Fresh off a broader crypto market resurgence in November, the NFT market is heating up again.<\/span><\/p>\n

Data<\/span> from CoinGecko for December shows that the sector's market capitalization has reached $8.8 billion, up by 17.3% over a week. The same dataset also points to a surge in volume: daily trading across all chains has jumped nearly 48% in the past 24 hours.<\/span><\/p>\n

This is coming off the tracks of November, which saw $562 million in sales, according to<\/span> data<\/span> from CryptoSlam. Looking at the charts, this figure is the highest sales volume that NFTs have seen since May this year, which saw almost $600 million in sales.<\/span><\/p>\n

Notably, the number of unique buyers for November has dwindled to just 662,000 compared to May, which had over a million.<\/span><\/p>\n

Blue chip NFTs: by the numbers<\/b><\/h2>\n

The blue-chip NFT collection has maintained its dominance in the sector across all chains (including those outside EVMs). The <\/span>NFT Heatmap<\/span> from CoinGecko shows it's now commanding a 42.99 ETH floor price, worth around $159,000. This figure is up nearly 5% in the past 24 hours and over 14% on the week.<\/span><\/p>\n

CryptoPunks<\/span> also led November's recovery with $49 million in trading volume, a 392% surge from October across just 388 transactions.<\/span><\/p>\n

While newer collections have emerged, CryptoPunks' 40% market share and median trade value of $114,131 demonstrate that the pioneering collection has retained its appeal among serious collectors and investors.<\/span><\/p>\n

Not to be outdone, <\/span>Bored Ape Yacht Club<\/span> is holding firm at 21.27 ETH ($79,727), posting an impressive 75.79% weekly gain that's turning heads across trading venues. The collection moved 1,486 ETH worth of volume in the past day alone, suggesting whales and collectors are betting big.<\/span><\/p>\n

The surge isn't limited to the usual suspects. <\/span>Pudgy Penguins<\/span>, which has emerged as a serious contender in the blue-chip space, maintains a healthy 14.869 ETH ($55,758) floor with nearly 30% weekly appreciation. Even <\/span>Azuki<\/span>, sitting at a more accessible 5.799 ETH, saw its floor jump 8.61% in a day.<\/span><\/p>\n

Three collections\u2014CryptoPunks, BAYC, and Pudgy Penguins\u2014now control 73% of all market activity. Meanwhile, Ethereum remains king with $216 million in November sales, though Bitcoin's making waves with a 99.44% monthly jump to $186 million.<\/span><\/p>\n

Data from Dune Analytics collated by Dragonfly Capital analyst Hilldobby <\/span>shows<\/span> that for marketplaces across EVM chains, Blur has taken the lead, pushing around $271 million in trades, with OpenSea not far behind at $161 million.<\/span><\/p>\n

When it comes to who's using what, OpenSea is still the go-to marketplace for most folks, with about 188,000 active traders making over 2 million trades. Interestingly, Blur manages to generate from a smaller but more active user base of around 38,000 traders.<\/span><\/p>\n

Far from the heydays<\/b><\/h2>\n

While these recent NFT trading volumes show signs of life, the <\/span>CryptoSlam 500 NFT Index<\/span> tells a sobering story about the market's overall trajectory. Currently sitting at 1,135.04, the index has seen a dramatic 53.77% decline from its peak, suggesting we're still far from the heady days when NFTs <\/span>dominated crypto headlines<\/span> and <\/span>drew mainstream attention<\/span>.<\/span><\/p>\n

The index, which tracks 500 smart contracts across 11 major blockchains, including Ethereum, Solana, and Polygon, has fallen from its high of 2,494.74, painting a picture of a market that's seeking a renewed sense of balance.<\/span><\/p>\n

While recent platform innovations and institutional interest offer glimmers of hope, the data suggests the NFT market is still working to recapture the explosive growth that once defined the space.<\/span><\/p>\n

Edited by Sebastian Sinclair<\/p>\n

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Fresh off a broader crypto market resurgence in November, the NFT market is heating up again. Data from CoinGecko for December shows that the sector’s market capitalization has reached $8.8 billion, up by 17.3% over a week. The same dataset also points to a surge in volume: daily trading across all chains has jumped nearly […]<\/p>\n","protected":false},"author":1,"featured_media":19760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-19759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending-cryptos"],"yoast_head":"\nNFTs Resurgence? 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