NFTs see a revival: November sales hit $562M – A 6-month high

NFT sales surged 57.8% in November, reaching $562M—the highest monthly volume since May 2024.Pudgy Penguins saw significant growth, and CryptoPunks’ sales volume increased by 392%.After a notable drop in non-fungible token [NFT] volume in the past months, this sector of the Web3 space is now beginning to see a noticeable rebound. Particularly, following a major decrease in volume from the $1.2 billion seen in April of this year to below $400 million in volume in October, NFT volume has now seen a rise in November.According to data from CryptoSlam, the sector witnessed $562 million in NFT sales during November, marking a 57.8% increase compared to October. This uptick represents the highest monthly sales volume since May when the market reached $599 million.Source: CryptoSlamWhile these numbers indicated a rebound, NFT volumes remained significantly lower than their March 2024 peak of $1.6 billion. The subsequent seven-month decline saw volumes fall to levels not seen since 2021.However, November’s momentum suggested a potential revival, driven in part by strong performances from high-profile NFT collections like CryptoPunks and Pudgy Penguins, alongside an overall bullish sentiment in the broader cryptocurrency market.Key NFT collections drive November sales growthCryptoPunks led the market’s resurgence with a notable performance in November. According to DefiLlama, the collection’s floor price rose from 26.3 ETH on the 1st of November to 44 ETH at the time of writing, representing an increase of approximately $159,148 at the press time prices of Ethereum [ETH].Source: DeFiLlamaCryptoPunks also recorded a 392% surge in monthly sales volume, reaching over $49 million, with 388 transactions, a 213% rise from October.Pudgy Penguins also posted significant gains. The collection saw its sales volume increase by over 250% month-on-month, generating $16 million in sales. The floor price for Pudgy Penguins climbed from 8.7 ETH to 14.75 ETH at the time of writing, translating to a 51% increase and roughly over $53,350 in value.Source: DeFiLlamaEthereum, Bitcoin lead blockchain contributionsAmong blockchains, Ethereum remained dominant as always, with $216 million in NFT sales, marking a 12% rise from October. However, Bitcoin [BTC] recorded the highest percentage increase among top NFT networks, with a 99.44% surge in sales volume, totaling $186 million.Other blockchains, including Solana [SOL], Polygon [POL], and BNB Chain, contributed to just above $100 million in combined NFT sales for the month. The NFT market’s revival coincided with a broader bullish trend across cryptocurrencies.Bitcoin, Ethereum, Solana, and XRP have all posted significant gains over the past month, reflecting increased investor confidence and market activity. At press time, Bitcoin traded above $95,000 up by 36.9% in the past month. Ethereum was not far behind, seeing abullish run up by 44.6% in the past month. Solana and XRP have surged 36% and 364% respectively over the same period. With NFTs showing signs of recovery and broader market momentum, the sector may be poised for sustained growth heading into 2025.