November has emerged as a promising month for the non-fungible token (NFT) market, marked by a resurgence of positive trends.
Nansen, a leading on-chain analytics tool, shed light on the NFT market in a November 6 X (Twitter) post. Statistics revealed that the NFT weekly volume, which stood at 29,704 ETH (approximately $55 million) on October 9, surged to 68,342 ETH (about $128 million) by November 6, more than doubling its value.
In a separate update posted by NFT aggregator CryptoSlam, today’s statistics revealed a 1.54% increase in NFT values, with Ethereum, Cardano, and Polygon NFTs emerging as top performers, boasting daily gains of 2.92%, 0.53%, and 0.43%, respectively.
While the top-performing NFT collections for the week maintained their historical positions, Bitcoin BRC-20 NFTs took the lead with a remarkable 27.97% increase in sales, closely followed by Yuga Labs‘ Bored Ape Yacht Club (BAYC), The Captainz, and CryptoPunks.
These statistics bring a glimmer of hope to NFT holders and collectors who witnessed a significant decline in NFT values and market trends throughout this year.
Comparing the current market to the astonishing 21,000% surge in sales seen in 2021, recent months have indeed marked a noticeable shift. NFT sales, which numbered 7.36 million in January 2023, dwindled to 3.7 million by July, reflecting a 49% decrease in market activity.