The NFT market demonstrates remarkable resilience and growth, with trading volumes exceeding $55 million daily in December 2024.
Growth in NFT Trading Volumes
According to CryptoSlam, as of January 18, the monthly trading volume for NFTs has reached $667 million. This growth is attributed to the renewed investor confidence in digital collectibles.
Ethereum's Market Dominance
The surge in trading activity has been particularly pronounced in Ethereum-based NFT collections, which account for over 70% of total market sales with a $42 million trading volume. This marks a 6.31% increase from last month, reinforcing Ethereum's dominance in the NFT marketplace.
Popular NFT Collections
Leading the charge is the Pudgy Penguins collection, with $15 million in sales within 24 hours, buoyed by Binance's recent announcement of spot trading. The CryptoPunks collection, managed by Yuga Labs, has seen a 582% increase in trading volume.
The increased trading volumes in the NFT market highlight its resilience and potential for continued growth, attracting more collectors and investors.
