In November 2023, NFT sales volumes soared to $562 million, showcasing significant growth. Meanwhile, the well-known project RTFKT is winding up, and Yuga Labs is expanding its team.
NFTs reach new heights
November was a successful month for NFTs, with a 57% increase in sales volumes, reaching $562 million. This marked the highest figure in the past six months, though still below the yearly peak of $1.6 billion in March 2024. Amid this growth, the CryptoPunks collection saw its floor price increase from 26 ETH to almost 40 ETH.
RTFKT to conclude operations
The Nike-owned NFT project RTFKT announced it will cease operations in January 2025. Launched in 2020, the project had raised approximately $8 million in investments. Nike acquired it in December 2021 during the height of the NFT craze. Before closing, RTFKT will release one last collection.
Yuga Labs acquires Tokenproof
Yuga Labs has acquired the tech team of the Web3 tokenization service Tokenproof. The Tokenproof founder stated that the team will join Yuga Labs' research and development division. The companies have collaborated since 2022, building infrastructure for verifying NFT ownership in the real world.
NFTs continue to demonstrate growth and evolution, despite some projects ceasing operations. Acquisitions and the integration of new technologies, like Yuga Labs' actions, highlight the dynamics and progression within this sector.
