Originally published on: December 08, 2024
The NFT market is off to a roaring start this December, with Ethereum dominating the digital collectible blockchains in sales. According to the latest data from CryptoSlam, the first week of December saw over $187 million in weekly sales volume for NFTs, continuing the upward trend that began in October.
This surge in sales volume marks a significant comeback for NFTs, which hit a low point in September before rebounding in October. In November, NFTs experienced a 57% month-on-month increase, with sales volume exceeding $562 million.
Ethereum led the charge last week with $92 million in NFT sales, driven by popular collections like Pudgy Penguins and CryptoPunks. Pudgy Penguins saw a staggering 346% increase in sales, with the collection’s floor price climbing from 13 ETH to 20.9 ETH in just one week, valued at approximately $83,000.
CryptoPunks, another top-performing collection, recorded $16.5 million in sales last week. The collection’s floor price briefly spiked to 44 ETH before settling at 40 ETH, worth about $160,000.
Bitcoin-based NFTs followed Ethereum closely, raking in $43.8 million in sales. Other blockchains like Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow also contributed to the combined weekly sales volume of $47 million.
Ethereum’s NFT surge coincided with a price breakout for ETH, reaching above $4,000 on Dec. 6. Analysts are optimistic about Ethereum’s potential for explosive growth, with predictions of ETH hitting as high as $15,000.
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