The NFT market is regaining momentum as activity on platforms like OpenSea, Blur, and Magic Eden continues to rise, according to a Galaxy Research report.
After months of declining trading volumes, the NFT sector began to rebound in November, coinciding with the U.S. elections and an upswing in the crypto market. Weekly trading volumes crossed the $100 million threshold for the first time since May, peaking at $172 million by December 2, the report highlighted.
“This revival is primarily driven by heightened engagement with the top 25 NFT collections by market cap,” said analyst Gabe Parker. Blur dominated the trading space with 60% of total volume in the last 30 days, while OpenSea contributed 27%.
Collections linked to Pudgy Penguins stood out as top performers, with their floor prices surging by 206% for Pudgy Penguins and 265% for Lil Pudgys, showcasing renewed investor interest and activity.
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