The NFT market has kicked off December with impressive momentum, recording $187 million in weekly sales.
This resurgence mirrors historical patterns tied to Bitcoin halvings, with past NFT bull markets taking off 428 days after the 2020 halving and a significant volume spike occurring just 235 days post-halving.
https://twitter.com/crypto__kermit/status/1866095691636105504?t=Qs6h3-HHkdIjVPtznnGUEA&s=19
Ethereum continues to dominate the NFT landscape, leading with $92 million in sales—a 44.69% increase from the previous week.
https://twitter.com/coingecko/status/1865963611895877697?t=5rXSbwDRPdUTpsdM6DR6Jg&s=19
Among notable collections, Pudgy Penguins has stolen the spotlight, racking up $25 million in sales, a staggering 346% week-over-week surge. The collection’s success has propelled it past Bored Ape Yacht Club to become the second-largest NFT collection by market capitalization, now valued at $779 million.
https://twitter.com/Bitcoinsensus/status/1866014962595823757?t=aXg9baFswM3Yq2ync6bl8A&s=19
NFTs Now Getting Notable Activity
CryptoPunks also saw strong activity, with $16.5 million in weekly sales, solidifying its place as one of the top-performing collections. Meanwhile, Bitcoin-based NFTs followed closely, contributing $43.8 million to the week’s total volume, underscoring their growing presence in the NFT ecosystem.
The Azuki NFT collection has climbed to fifth place by market capitalization, overtaking Mutant Ape Yacht Club after its floor price spiked 17.9% in just 24 hours. This rapid rise reflects the growing demand and shifting dynamics within the NFT market.
https://twitter.com/coingecko/status/1865955145164718437?t=z3I28QvHmq67pboR3-W-5Q&s=19
The current uptick in activity highlights the NFT market’s resilience and its ability to attract both creators and investors.
With Ethereum maintaining its leadership, new players like Pudgy Penguins challenging legacy collections, and Bitcoin NFTs gaining traction, the ecosystem appears primed for continued growth. As historical trends suggest, this could be a precursor to another major NFT bull market on the horizon.
Disclosure: This is not trading or investment advice. Always do your research before buying any NFTs or cryptocurrency.
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