The NFT market had a strong start in December, with weekly sales of $187 million in the first week. This result outperformed November’s peak week, which generated $181 million in sales, extending a favorable trend that began in October.
After faltering earlier this year, with September seeing the lowest monthly sales volume since 2021, the market began to rebound in October. The resurgence peaked in November, when total sales reached $562 million, representing a 57% month-over-month rise.
Ethereum was the leading blockchain for NFT sales last week, generating $92 million, a 44.69% increase from the previous week. Popular collections such as Pudgy Penguins and CryptoPunks contributed significantly to this increase. Pudgy Penguins generated $25 million in sales, up 346% over the previous week, with its floor price rising from 13 Ether (ETH) on November 30 to 20.9 ETH (about $83,000) on December 8. Meanwhile, CryptoPunks generated $16.5 million in weekly sales, with its floor price momentarily climbing to 44 ETH on December 4 before stabilizing at 40 ETH (about $160,000).
Bitcoin-based NFTs followed Ethereum with $43.8 million in sales, while other blockchains such as Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow contributed a total of $47 million in weekly volume.
A significant price increase accompanied Ethereum’s impressive performance in the NFT space. On December 6, Ether surpassed $4,000 and reached $4,067. Market watchers remain positive, forecasting more gains for Ethereum as it builds on its current momentum. The comeback of NFTs, as well as the performance of Ethereum, indicates that the digital collectibles industry has the potential for continued expansion.
