- NFT sales rose 57.8% in November, totaling $562 million.
- CryptoPunks and Bitcoin are leading the push, with big gains.
Interest in non-fungible tokens continues to climb, with November seeing an enormous 57.8% increase in sales, according to analytics firm CryptoSlam’s data. Sales reached $562 million, a new high for monthly NFT sales. This follows the positive trend seen in October when sales volume increased. In May, the previous record was established, with NFT sales hitting $599 million.
November was a remarkable month for the NFT market at large, but one collection stood tall above the rest, CryptoPunks. The collection, steeped in history regarding the NFT space, skyrocketed by 47% in its floor price for the month of November alone. At one point, on November 25th, the floor price of CryptoPunks had hit 37.68 ETH, the highest since May. Starting from the beginning of the month, the floor price stands at 25.35 ETH, implying gigantic growth in a short span.
NFT Market Booms as Sales Surge
Ethereum continued to lead as the primary blockchain for NFTs, generating $216 million in sales, growing 12% month-on-month. Bitcoin surged by a whopping 99.44% and added $186 million in sales. Other networks such as Solana, Mythos Chain, and Polygon also performed well, contributing to an overall total of $162.9 million added to November’s NFT sales.
While the overall NFT market was up, CryptoPunks outperformed all other major collections by a wide margin. For comparison, BAYC was up 7%, Milady Maker was up 34%, and Pudgy Penguins was up 28%. On average, the floor price of these collections increased by 34.5%, so CryptoPunks’ performance was much stronger.
CryptoPunks is among the earliest big NFT projects and has managed to maintain value as a blue-chip asset in the market. These are OG NFTs, a term for NFTs at the forefront of their popularity, making them a darling for experienced NFT traders and collectors.
Other blockchains such as Solana, Mythos Chain, and Polygon also supported the market’s revival, bringing in $162.9 million in sales for November.
NFT sales are up amid a day that saw Bitcoin reach an all-new high, leaving many in the market no doubt to be feeling fairly optimistic about it. Even with this renewed interest in NFTs, established collections like CryptoPunks continue their reign at the center of attention.
