NFT Market Kicks Off December Strong with $187M in Weekly Sales

The NFT market has started December on a high note, with digital collectibles recording a weekly sales volume of over $187 million in the first week of the month, continuing a positive upward trend that began in October. This impressive figure surpasses the strong performance seen in November, which saw $181 million in weekly NFT sales. The uptick marks a significant rebound after a period of stagnation in the market, which experienced its lowest sales volume in September—its worst month since 2021. However, NFTs have since made a notable recovery, with sales surging by 57% month-on-month in November, culminating in over $562 million in sales.

Ethereum Dominates the NFT Market

Ethereum continues to be the dominant blockchain in the NFT space, driving a substantial portion of the market's growth. Last week, Ethereum recorded $92 million in NFT sales, a 44.69% increase compared to the previous week. This surge is largely attributed to the strong performances of top NFT collections like Pudgy Penguins and CryptoPunks.

Pudgy Penguins, a popular NFT collection, experienced an explosive 346% increase in sales, reaching $25 million in just one week. The floor price of the collection also saw a significant jump, climbing from 13 ETH ($3,943) on November 30 to 20.9 ETH ($83,000) by December 8, according to data from DeFiLlama. This meteoric rise in both sales and floor price showcases Pudgy Penguins' continued popularity and investor confidence.

CryptoPunks, one of the most iconic NFT collections, ranked second in weekly sales, recording $16.5 million. Its floor price briefly spiked to 44 ETH on December 4, before settling at 40 ETH, worth approximately $160,000 as of December 8. CryptoPunks' sustained demand underscores the collection’s status as a cornerstone of the NFT market.

Bitcoin-Based NFTs and Other Blockchains See Growth

In addition to Ethereum’s strong performance, Bitcoin-based NFTs have also been gaining traction. These digital collectibles recorded $43.8 million in sales, securing their position as a significant player in the NFT ecosystem. Meanwhile, a group of other blockchains, including Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow, combined for $47 million in weekly sales.

Ethereum’s Price Surge Fuels Optimism

The surge in NFT sales coincides with a notable breakout in Ethereum's price. On December 6, ETH briefly surged above the $4,000 mark, peaking at $4,067. This price movement has sparked optimism in the market, with some analysts suggesting that Ethereum may be on the brink of a major rally, similar to the explosive growth it experienced between 2016 and 2017. Forecasts have even suggested that ETH could climb as high as $15,000, further fueling excitement about its potential in both the NFT and broader cryptocurrency markets.

Conclusion

The start of December has been a promising one for the NFT market, with strong sales across Ethereum and other blockchain platforms. Leading collections like Pudgy Penguins and CryptoPunks have shown impressive growth, signaling continued investor interest in digital collectibles. With Ethereum's price also breaking new highs, the NFT market appears poised for further expansion in the coming months.