Leading NFT marketplaces, including OpenSea, Blur, and Magic Eden, have experienced a surge in activity since November, according to a report by Galaxy Research.
The non-fungible token (NFT) market, which represents ownership of digital or physical assets on a blockchain, is showing signs of recovery. After months of declining trading volumes, the market began to rebound in November, spurred by the U.S. elections and a subsequent crypto market rally.
Galaxy Research highlighted that weekly NFT trading volumes surpassed $100 million in early November for the first time since May, reaching a peak of $172 million on December 2.
“This resurgence has been largely driven by increased activity within the top 25 collections by market capitalization,” noted analyst Gabe Parker. He also pointed to growing participation across leading marketplaces, with Blur and OpenSea accounting for 60% and 27% of total trading volume over the past 30 days, respectively.
NFTs associated with the Pudgy Penguins ecosystem have outperformed the market, with floor prices for Pudgy Penguins and Lil Pudgys collections soaring by 206% and 265%, respectively, according to the report.
