NFTs record $562 million in November with 6-month high

NFTs experienced a resurgence in November, recording $562 million in monthly sales, a 57.8% increase from October, according to CryptoSlam.  

This marks the highest sales volume since May's $599 million but remains below the March 2024 peak of $1.6 billion.  

Following the March high, the market saw a seven-month decline, hitting its lowest levels since 2021 before this recovery.  

Leading collections like CryptoPunks saw notable gains.  

Its floor price rose 52% from 26.3 ETH on November 1 to 39.7 ETH, approximately $147,000, by the month's end.  

CryptoPunks achieved over $49 million in 30-day sales, a 392% increase, with 388 transactions, up 213% from October.  

Pudgy Penguins also recorded significant growth, with a 262% month-on-month sales volume increase totaling $16 million.  

The collection's floor price climbed 49%, from 8.7 ETH to 13 ETH, around $48,000, by November 30.  

Ethereum (CRYPTO:ETH) remained the dominant blockchain for NFT sales, generating over $216 million in November, a 12% rise from October.  

Bitcoin (CRYPTO:BTC) saw the largest percentage growth, with sales volume nearly doubling to $186 million.  

Other blockchains, including Solana (CRYPTO:SOL), Mythos Chain, Immutable (CRYPTO:IMX), Polygon (CRYPTO:MATIC), and BNB Chain, contributed $162.9 million collectively.  

The renewed activity signals a potential turnaround for the sector.  

"NFT sales volume continues to show signs of recovery after months of decline," CryptoSlam noted.  

Analysts are cautiously optimistic about the sector’s long-term growth, citing November’s strong performance as a positive indicator for the market's trajectory.