The non-fungible token (NFT) market is experiencing an exciting upswing, marking a departure from a long slump, according to data from IntoTheBlock. Trading volume increased 198% from October to November, reaching $918 million, comparable to the March record of $931 million.
This uptick brings a fresh breeze to the NFT world, based on the CryptoSlam report, which highlights a more than 90% increase in sales volume over the past month. With the increase in NFT trading activity, market capitalisation has risen 3% over the past month to $9.01 billion.
Demand for blue chip NFTs has revitalised, bringing significant growth in their value. Projects such as CryptoPunks, Bored Ape Yacht Club (BAYC), CryptoKitties, and others are experiencing excitement. The Blue Chip Index, which tracks the performance of these NFTs, is up 12% over the past 30 days, indicating a collective increase in the minimum price and market capitalisation of this category.
It is important to note that despite Ethereum's leadership in the past, the Bitcoin network, especially the BRC-20 tokens, is now coming to the forefront. Bitcoin has seen the highest volume of sales in the past 24 hours, surpassing Ethereum, indicating a shift in blockchain dominance in the NFT segment.
