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The NFT (Non-Fungible Token) sector continues to demonstrate resilience, marking one of the most significant periods of the past six months.

In November 2024, monthly sales reached a total volume of $562 million, reflecting a 57.8% surge compared to October, bringing renewed momentum to a market that had experienced a downturn in recent months.

According to CryptoSlam data, this spike represents the highest sales volume since May, when the market reached $599 million.

Specifically, the sales boom in November signifies a clear sign of recovery for the sector, suggesting that the stagnation observed in previous months may be coming to an end. However, sales levels remain far from the yearly highs of March 2024, a period during which monthly sales had reached an impressive $1.6 billion.

Among the key players driving this resurgence, the CryptoPunks collection experienced an extraordinary month. Thanks to a significant increase in investor interest, CryptoPunks’ floor price rose from 26.3 ETH (approximately $97,000) on November 1st to 39.7 ETH (approximately $147,000) by the end of the month, recording a 52% increase.

In terms of sales, CryptoPunks achieved a remarkable monthly volume of $49 million, marking a 392% jump compared to October. Transactions involving this collection also saw a significant increase, reaching 388 sales, which is a 213% rise compared to the previous month. This result positions CryptoPunks as one of the leaders in the NFT market.

Similarly, Pudgy Penguins also delivered strong performance. With a sales volume of $16 million, the collection recorded a 262% increase compared to the previous month. Additionally, the Pudgy Penguins floor price rose from 8.7 ETH (approximately $32,000) to 13 ETH (approximately $48,000) by the end of November, representing a 49% increase.

On the blockchain front, Ethereum and Bitcoin networks are leading this NFT recovery. Ethereum remains the undisputed market leader, with a total volume of $216 million, reflecting a 12% increase compared to October. The flexibility and widespread adoption of Ethereum continue to secure its central relevance in the NFT sector.

On the other hand, Bitcoin demonstrated even more dynamic growth, posting an incredible 99.44% increase compared to October, with a total volume of $186 million in November. This highlights how recent developments in the protocol supporting NFTs on Bitcoin are generating growing interest among investors and collectors.

In total, sales across other blockchain ecosystems such as Solana, Polygon, and Immutable amounted to approximately $162.9 million, proving that the broader sector is undergoing a recovery that extends beyond the largest blockchains.

The bullish trend in NFT sales during November 2024 suggests that the sector is slowly repositioning itself after months of decline.

Although the figures are still far from the historical peaks recorded at the beginning of the year, the strong interest in iconic collections like CryptoPunks and Pudgy Penguins, combined with the solidity of leading blockchains such as Ethereum and Bitcoin, are positive indicators of a potential continuation of this growth.

However, the NFT sector remains highly influenced by broader cryptocurrency market movements, as well as by the growing interest in innovative applications in the metaverse and digital art. Whether this monthly recovery will become a long-term trend will depend on the market’s response to technological advancements and the ability of blockchain ecosystems to attract more users and investors.

As 2024 draws to a close, all eyes are on the next developments in the digital market and the potential for new collections and global events to bring further momentum to the NFT sector.

At Hoken Tech, we are contributing to the expansion of this sector with numerous collections created for various artists, both Italian and international. If you, too, want to be part of this growing industry, rely on our startup for professional and tailored services.