CandleFocus NFTs Are Making a Comeback as Trading Volumes Surge: Galaxy Research
2024-12-18
Author: Content Editor
The non-fungible token (NFT) market is experiencing a recovery, according to a report by Galaxy Research. NFT volumes had been declining throughout the year but began to turn around in November after the U.S. elections and the subsequent crypto market rally. Trading volumes for NFTs exceeded $100 million in early November for the first time since May. The increased activity has been driven by the top 25 collections by market cap, with leading marketplaces like OpenSea, Blur, and Magic Eden seeing increased participation. The report also highlights the outperformance of NFTs linked to the Pudgy Penguins ecosystem, with floor prices for Pudgy Penguins and Lil Pudgys collections rising significantly.
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