Key Points
- Ethereum-based NFTs dominated the market with $92 million in weekly sales, led by Pudgy Penguins’ remarkable 346% growth reaching $25 million in sales volume.
- The NFT market continues its recovery from September lows, with December’s first week outperforming November’s strongest week, marking sustained growth since October.
Market Recovery and Volume Trends
According to data from CryptoSlam, the non-fungible token (NFT) market has shown significant signs of recovery. After hitting their lowest point since 2021 in September, NFT sales have been on an upward trajectory. November saw a substantial 57% month-on-month increase, with total sales exceeding $562 million. This momentum carried into December, with the first week recording $187 million in sales volume, surpassing November’s peak week of $181 million.
Ethereum Dominance and Leading Collections
Ethereum maintained its position as the leading blockchain for NFT transactions, experiencing a 44.69% weekly increase to reach $92 million in sales. CryptoSlam data shows Pudgy Penguins emerged as the standout performer, with sales soaring to $25 million and its floor price climbing from 13 ETH to 20.9 ETH (approximately $83,000) between November 30 and December 8. CryptoPunks secured the second position among collections with $16.5 million in weekly sales, maintaining a robust floor price of 40 ETH (around $160,000).
Multi-Chain Performance
While Ethereum led the charge, other blockchains also contributed significantly to the overall NFT ecosystem. Bitcoin-based NFTs claimed the second spot with $43.8 million in sales. The combined performance of alternative chains including Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow achieved a notable $47 million in weekly sales volume, demonstrating the growing diversification of the NFT market across multiple blockchain platforms.
