Originally published on: December 08, 2024
December has kicked off with a bang for non-fungible tokens (NFTs), with Ethereum leading the charge in digital collectible blockchain sales.
According to the latest data from CryptoSlam, the first week of December saw a staggering $187 million in weekly NFT sales volume. This marks a significant increase from the previous month, with NFT sales reaching a record-breaking high.
After experiencing a decline in sales earlier in the year, NFTs have made a remarkable comeback, with October signaling a turning point. November saw a 57% month-on-month increase, surpassing $562 million in sales volume.
Ethereum’s NFT sales were particularly impressive, totaling $92 million in the last week alone. This surge was attributed to popular collections like Pudgy Penguins and CryptoPunks, which saw exponential growth.
Pudgy Penguins, in particular, saw a 346% increase in sales, with a floor price climbing from 13 ETH to 20.9 ETH. CryptoPunks also performed well, recording $16.5 million in weekly sales and reaching a floor price of 40 ETH.
In addition to Ethereum, Bitcoin-based NFTs generated $43.8 million in sales, solidifying their position in the market. Other platforms like Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow also contributed to the overall weekly sales volume.
The surge in NFT sales coincided with Ethereum’s price breakout, with ETH surpassing $4,000 and reaching a high of $4,067 on December 6. Analysts predict a potential rally for Ethereum, with some forecasting a price target as high as $15,000.
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