In November 2024, the non-fungible token (NFT) market demonstrated significant growth, reaching $562 million in sales. This marks an increase of more than 57% compared to October, when sales totaled $374 million, according to experts.
Decline in Unique Participants
Despite the overall increase in sales volume, the number of unique buyers and sellers decreased in November. However, the sales volume achieved was the highest since May 2024, when the market recorded $599 million in sales. Still, these figures remain below the record-breaking $1.6 billion in March, after which the market experienced a seven-month decline.
The Success of the CryptoPunks Collection
The CryptoPunks collection stood out particularly in November. In mid-November, the floor price of a token from this series surpassed $100,000 for the first time since June. By the end of the month, the floor price had risen to $157,000, according to NFTPRICEFLOOR.
The collection’s popularity and attention were further bolstered by a record-breaking $2.75 million loan secured against one of the rarest CryptoPunks (#8348). The borrower noted that this move underscores how NFTs are evolving from cultural artifacts into dynamic financial instruments.
Overall Trends in the NFT Market
The growth in sales volume and NFT prices in November may signal a renewed interest in non-fungible tokens. However, the current figures are still far from the peak values recorded earlier in the year, suggesting the need for continued monitoring of market developments.
Renowned crypto analyst Andrew Kang previously indicated that the market might be poised for another rally. According to him, the temporary decline in interest in NFTs can be attributed to the rise of memecoins. Read more about this in the link provided.
