NFT Market Soars Over 120% in November

Trading volumes and sales around NFTs saw immense growth last month, based on the data. Expectations now turn towards a holiday boost, finishing the year strong.

Banner Month for NFT Numbers

Figures from CryptoSlam.io reveal a staggeringly prosperous November for NFTs following a sluggish crypto market. Global NFT sales volume spiked an incredible 122% from October, reaching around $908 million.

Ethereum and Bitcoin Network Deliver Gains

Driving overall growth, Ethereum-based NFT collections generated $349 million in trading volume. This represents a 53% monthly increase, signaling an emphatic rebound.

Meanwhile, crypto collectibles built on the Bitcoin blockchain amassed an even higher volume, exceeding $373 million. Generative collection Bitcoin Ordinals led the surge through its “Uncategorized NFTs” series.

BRC-20 Tokens Dominate Bitcoin NFTs

On Bitcoin, BRC-20 projects secured the top spots for November sales activity. The $SAT token saw volume rocket by over 1000% to $91 million. And $BTC marked the largest percentage gainer with a jaw-dropping 3377% explosion, topping $13 million.

Even outside Bitcoin, Solana enjoyed breakout NFT success through collections like Mad Lads climbing 773% to above $5 million in volume.

A massive Sunday rally in effect:

Pudgy Penguins: +32% to 10.2 ETH
Kanpai Pandas: +69% to 1.4 ETH
Azuki: +13% to 6.8 ETH
World of Women: +52% to 1.36 ETH
Cool Cats: +29% to 1.1 ETH
Sappy Seals: +74% to 0.74 ETH
Doodles: + 14% to 2.4 ETH
Milady: +20% to 3.7 ETH

and lots more.

— NFTstats.eth (@punk9059) December 3, 2023

Overall Top 10 Collections

Across chains, crypto-collectibles like Azuki and Bored Ape Yacht Club retained positions in the top 10 highest-volume NFTs. However, the increased Bitcoin and Solana network activity demonstrates traders following the strongest momentum.

Bullish Predictions for Festive Finale

Riding high after November’s astonishing volumes, forecasts remain brightly bullish on NFTs finishing 2022 on a high note. Market research firm Statista projects almost $1.6 billion in global NFT revenue this year.

And with the holidays boosting consumer gift spending on digital goods, December looks set to deliver a festive rally. If November drew new adopters, the hype could build as cryptocurrencies regain ground during the winter break.

NFTs Eye Mainstream Appeal

Between major brands launching collections and increased retail crypto exposure, NFTs seem poised to crack mainstream recognition over Christmas.

With market dynamics aligning and crypto finally decoupling from stocks, fortune may favor the bold collector through New Year’s rather than the fainthearted. The clock strikes midnight in 2022, but Cinderella won’t vanish yet.

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*All investment/financial opinions expressed by NFT News are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.