NFTs Are Making a Comeback as Trading Volumes Surge: Galaxy Research
NFT volumes had been declining for most of the year, but began to reverse in November following the U.S. elections and the ensuing crypto market rally.
Weekly NFT trading volumes exceeded $100 million in early November for the first time since May, reaching $172 million on Dec. 2, Galaxy said.
"This resurgence has been primarily driven by increased activity among the top 25 collections by market cap," analyst Gabe Parker wrote, with increased participation across leading marketplaces such as OpenSea, Blur and Magic Eden.
NFTs linked to the Pudgy Penguins ecosystem have outperformed. Pudgy Penguins and Lil Pudgys collections saw their floor prices rise 206% and 265% respectively, the report added.
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
