- NFT sales volume in November reached a six-month high at $562 million
- The last time the monthly sales volume was above $500 million was in May at $599 million
- November’s volume was $206 million higher than October’s volume
The NFT market is seemingly shedding off the bear momentum to record a monthly sales volume of $562 million in November. A volume of over $500 was last seen in May this year, making November’s volume a six-month high. November’s NFT sales volume is a significant rise from October’s $356 million, something that could be fueled by the current rise of crypto prices.
October Had More Transactions but a Lower Sales Volume
According to NFT data tracker CryptoSlam, there were 664,405 unique NFT buyers and 429,020 sellers. There were also over five million total transactions within the month. Although it registered a higher sales volume, the number of transactions, sellers, and buyers was lower than in October.
October registered over seven million transactions, 965,943 buyers, and 618,172 sellers. December may surpass November volumes having registered close to $41 million in sales volume two days into the month.
Some of the top NFT collections that recorded a rise in sales volume in November include CryptoPunks, BRC-20 NFTs, Bored Ape Yacht Club (BAYC), and Pudgy Penguins. In the last 30 days, for example, CryptoPunks recorded a sales volume of over $54 million while BRC-20 NFTs’ volume was over $73 million.
Floor Prices Rise in Tandem
The floor price of some collections like CryptoPunks and Pudgy Penguins also rose significantly in the last 30 days. CryptoPunks’ floor price increased from 26.3 ETH to 39.7 ETH between November 1 and November 30. Pudgy Penguins’ floor price also surged from 8.7 ETH to 13 ETH within the same period.
The rise in November’s NFT sales volume comes two months after the volume hit lows last seen in 2021. A recent report indicated that 96% of NFTs are dead due to a lack of trading and social media activities.
With November’s NFT sales volume reaching a 6-month high, it’s to be seen whether the momentum will continue into December.
