The NFT market saw a major comeback in November 2024, with sales jumping 57.8% from October to hit $562 million.
This marks the highest monthly total since May’s nearly $600 million and reflects a renewed interest in digital assets amid a broader cryptocurrency recovery.
Driving the surge are established NFT collections and a growing diversity of blockchain platforms, signaling a shift toward high-value trades.
What drove the surge in NFT market sales?
Top-tier NFT collections like CryptoPunks and Pudgy Penguins were at the forefront of November’s market revival.
CryptoPunks recorded an astounding 392% surge in sales, reaching $49 million from 388 transactions. According to CoinGecko, its floor price climbed sharply from 26.3 ETH to 39.7 ETH (around $147,000), showing strong demand for the collection.
Pudgy Penguins also shined with a 262% increase in sales volume, hitting $16 million. Its floor price rose from 8.7 ETH to 13 ETH (about $48,000), proving that established collections continue to dominate the market.
Ethereum and Bitcoin NFTs on the rise
Ethereum held its top spot as the leading blockchain for NFTs, generating over $216 million in sales—up 12% from October.
However, Bitcoin-based NFTs are gaining serious traction with sales nearly doubled in November, jumping 99.44% to $186 million. This growth is largely thanks to the rise of Ordinals, a protocol enabling NFTs on the Bitcoin blockchain.
Other blockchains, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, also contributed to the market’s growth, collectively generating $162.9 million in sales.
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