NFT Sales Hit $562 Million, Highest in 6 Months

Tags: data, nft, report

November ended with a record-breaking surge in NFT sales, reaching $562 million – a 57.8% increase compared to October.

1. NFT SALES SHOW STRONG SIGNS OF RECOVERY

NFT sales from May to November 2024 (Source: Cryptoslam)

Data from CryptoSlam shows that NFT sales reached $562 million in November, marking a significant increase from October. This is the highest monthly revenue since May, when digital collections generated $599 million in sales.

While showing strong growth, monthly NFT revenue remains significantly below its all-time high. March saw the year’s peak at $1.6 billion, followed by a seven-month decline, hitting a low of $303 million in September 2024 – the lowest since 2021.

2. CRYPTOPUNKS FLOOR PRICE SURGES 52%

As the broader cryptocurrency market showed upward momentum, the popular NFT collection CryptoPunks also saw impressive performance in November. According to DefiLlama, the floor price of CryptoPunks was 26.3 Ether (ETH) on November 1st. By November 30th, this had risen to 39.7 ETH, approximately $147,000.

CryptoPunks floor price from September to November (Source: Defillama)

CryptoSlam data reveals CryptoPunks generated $49 million in revenue over 30 days, a 392% increase month-over-month. Sales volume also saw a significant jump, with 388 sales – a 213% increase compared to October.

Beyond CryptoPunks, the Pudgy Penguins collection also experienced substantial growth, with November sales reaching $16 million – a 262% increase compared to the previous month. DefiLlama data shows the Pudgy Penguins floor price increased from 8.7 ETH on November 1st to 13 ETH on November 30th, approximately $48,000, representing a 49% rise.

3. ETHEREUM AND BITCOIN LEAD NFT RECOVERY

In terms of revenue, Ethereum led the way in November, generating over $216 million in sales – a 12% increase from October. However, Bitcoin saw the highest percentage growth among major blockchains for NFT sales, reaching $186 million – a 99.44% increase compared to October.

Other blockchains including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain generated a combined $162.9 million in NFT revenue during November.

4. CONCLUSION

Although NFT sales demonstrate strong growth, the significant gap between the current high and previous record levels indicates the market is still in recovery and hasn’t reached the explosive growth seen earlier in 2024. Continued positive trends, especially with new projects and collections launching, could further boost these numbers in the coming months.