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.
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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