How has the NFT market developed in this bull run?
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How has the NFT market developed in this bull run?
After the overall cryptocurrency market rebounded in November, the NFT market has heated up again.
Navigating Web3 tides with focused insightsBy: Vince Dioquino
Translation: Baicai Blockchain
Following a broad recovery in the cryptocurrency market in November, the NFT market is heating up again.
According to December data from CoinGecko, the sector's market capitalization has reached $8.8 billion, a 17.3% increase from the previous week. The same data shows trading volume also surged significantly: daily cross-chain volume jumped nearly 48% within the past 24 hours.
This trend continues the momentum from November. According to CryptoSlam, NFT sales in November reached $562 million—the highest level since May, when sales approached $600 million.
Notably, however, the number of unique buyers in November dropped to just 662,000, compared to over 1 million in May.
1. Blue-Chip NFT Overview
Blue-chip NFT collections continue to dominate the market across all blockchains, including non-EVM chains. CoinGecko’s NFT heatmap shows their current floor price at 42.99 ETH, approximately $159,000. This price has risen nearly 5% in the past 24 hours and more than 14% over the past week.
CryptoPunks also led the rebound in November, recording $49 million in trading volume—an increase of 392% compared to October—achieved through just 388 transactions.
Despite the emergence of new NFT collections, CryptoPunks still commands 40% of the market share, with a median transaction value of $114,131, indicating that this pioneering collection remains attractive to serious collectors and investors.
Bored Ape Yacht Club (BAYC) is similarly strong, holding firm at a floor price of 21.27 ETH ($79,727), achieving an impressive weekly gain of 75.79%. The series attracted significant attention from major exchanges, logging a total trading volume of 1,486 ETH in the past day alone, signaling strong interest from whales and collectors.
Market growth isn't limited to traditional blue-chip projects. Pudgy Penguins, a rising star in the blue-chip space, currently maintains a healthy floor price of 14.869 ETH (about $55,758), with a near-30% weekly gain. Even Azuki, positioned as more accessible, saw its floor price rise 8.61% in a single day to 5.799 ETH.
Currently, the three major collections—CryptoPunks, BAYC, and Pudgy Penguins—account for 73% of market activity. Meanwhile, Ethereum remains dominant with $216 million in sales volume for November, while Bitcoin is not far behind, growing 99.44% month-on-month to reach $186 million.
According to data compiled by Dragonfly Capital analyst Hilldobby via Dune Analytics, in the EVM chain NFT market, Blur leads with $271 million in trading volume, followed by OpenSea at $161 million.
In terms of user behavior, OpenSea remains the preferred marketplace for most users, with around 188,000 active traders completing over 2 million transactions. Notably, although Blur has a smaller user base—approximately 38,000 active traders—its users exhibit higher trading activity.
2. Far From Its Peak
While recent NFT trading volumes show signs of recovery, the CryptoSlam 500 NFT Index tells a more sobering story about the overall market trajectory. The index currently stands at 1,135.04, down 53.77% from its peak, underscoring how far the market remains from the heyday when NFTs dominated crypto headlines and captured mainstream attention.
The index tracks 500 smart contracts across 11 major blockchains, including Ethereum, Solana, and Polygon. It has fallen sharply from its high of 2,494.74, painting a picture of a market still searching for a new equilibrium.
Although recent platform innovations and institutional interest have brought a glimmer of hope, the data suggests the NFT market is still struggling to regain the explosive growth that once defined it.
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