The NFT market is showing renewed vitality, with platforms like OpenSea, Blur, and Magic Eden experiencing a notable uptick in activity, as detailed in a recent Galaxy Research report.
Following a prolonged slump, NFT trading volumes began to rise in November, spurred by the U.S. elections and a subsequent crypto market rally. Weekly trading volumes surpassed $100 million for the first time since May, climbing to $172 million by December 2.
“The revival is being led by the top 25 collections by market cap,” explained Galaxy Research analyst Gabe Parker. Blur commanded the market with 60% of trading volume over the past 30 days, while OpenSea accounted for 27%, signaling a strong competitive dynamic.
Among standout performers, Pudgy Penguins collections gained significant traction. The floor prices of Pudgy Penguins and Lil Pudgys skyrocketed by 206% and 265%, respectively, highlighting a resurgence of investor enthusiasm in the sector.
