The NFT sector recorded $562 million in trading volume for November, marking an increase of $206 million compared to October, according to CryptoSlam. This 57.8% growth makes November the most successful month since May 2024, when sales reached $599 million.

“Despite the surge, trading volumes remain far below the March 2024 record of $1.6 billion,” analysts highlighted.

Fewer Unique Users, Higher Sales Volume

Analysts noted a decline in the number of unique buyers and sellers during November, even as the total sales volume increased. This suggests a shift toward high-value collections and premium-priced NFTs driving the market.

CryptoPunks Shine

The CryptoPunks collection posted remarkable growth in November. Data from DefiLlama shows the floor price of a token from this iconic series rose from 26.3 ETH ($97,000) at the start of November to 39.7 ETH ($148,000) by the end of the month.

Over the 30-day period, CryptoPunks sales totaled $49 million, a 392% increase compared to October. The number of transactions also grew by 213%, reaching 388.

Market Trends

After peaking in March 2024, NFT sales volumes experienced a seven-month decline, hitting the lowest levels since 2021. November’s rebound signals a potential recovery, though the market has yet to return to its former highs.

Reminder: A joint report from NFTEvening and Storible revealed that 98% of NFTs released in 2024 are considered “dead.”