NFT market rebounds with 22% volume surge in November despite declining sales, data shows

After months of slowdown, the NFT market is now showing signs of recovery, with a 22% increase in transaction volume as of November, driven by prices and high activity in blue chip collectibles.

According to a report by DappRadar, the non-fungible token market appears to be showing signs of recovery, with an increase of over 20% in trading volume in November. According to data, NFT transaction volume reached $698 million, an increase of 22% compared to October.

NFT transaction volume and number of sales in 2024 | Source: DappRadar

DappRadar analyst Sara Gherghelas attributes the growth to “increased interaction with blue chip collections” such as those from Yuga Labs and rising token prices, as well as increased liquidity and confidence among investors.

“Improving liquidity and increased engagement with premium collectibles is driving confidence among collectors and investors who now view NFTs not just as speculative assets but also as cultural commodities.”

Sara Gherghelas

Despite the growth in transaction volume, the sales volume decreased by 11% to 3 million units, which may be a signal of a trend towards more valuable transactions.

The recovery also comes amid broader market trends. November also saw an increase in overall NFT market cap, rising to $8.8 billion, as reported by NFTevening. At the same time, daily transaction volume across all chains increased by almost 50%.

Data shows that premium NFT collectibles like CryptoPunks and Bored Ape Yacht Club are crucial to the market recovery. CryptoPunks saw a 392% increase in trading volume, while BAYC saw strong demand and its base price increased by 75.79% on the week to $79,727.

Gherghelas said Ethereum (ETH) continues to lead in trading volume while Polygon (POL) maintains “the top spot in the number of NFT sales,” adding that the rise of marketplaces like Blur, which has surpassed OpenSea in trading volume, is due to the rapidly evolving NFT landscape.