During December NFTs achieved unprecedented market popularity by generating sales exceeding $187 million within a single week. The digital collectible market showed growing confidence in customers following its steady recovery from October through increased sales volume.
Top Performers Propel Market Growth
February 11 marked a major NFT collections comeback when established projects Pudgy Penguins and CryptoPunks generated notable sales. Sales activity for Pudgy Penguins reached $25 million, covering a weekly increase of 346% during this period. CryptoPunks retained their market leadership during this period through $16.5 million in weekly sales activity.
Price data indicated strong market interest in these digital collectible asset groups. The floor price of Pudgy Penguin NFTs increased from 13 ETH on November 30 to 20.9 ETH by December 8, which equated to $83,000. The CryptoPunks market hit its highest floor price at 44 ETH worth $160,000 on December 4 but returned to 40 ETH during the same week.
Ethereum Leads Blockchain Sales
The NFT market relied on Ethereum as its foundation since Ethereum transactions amounted to $92 million for the period, leading to a 44.69% growth from previous sales. NFTs on Bitcoin-based networks earned $43.8 million in sales during the week, alongside $47 million in combined revenue from blockchain networks Solana, Immutable, and Polygon.
A Market in Recovery
The market shows advancing trends since these increasing sales represent the broader NFT market recovery.
The market broke its annual minimum sales level of 2021 last September before it started recovering in October. Total sales volume succeeded $562 million during November while achieving a 57% higher volume over the previous month.
Dominic Kimani, a market analyst, remarked on the December momentum:
“The NFT market has recorded positive growth in December, marked by a massive surge in trading sales volume and market capitalization.”
Bright Outlook Ahead
Market participants show a positive outlook for digital collectible futures because NFT collections generate increasing interest and higher sales figures. December’s strong performance indicates NFTs are returning to be a central component of the blockchain and cryptocurrency sector.
The upcoming weeks will show if the current growth will persist through the first months of the new year, although the NFT market has been so far demonstrating solid signs of recovery at present.
