Originally published on: December 08, 2024
The month of December kicked off with a bang for Non-Fungible Tokens (NFTs), as Ethereum dominated the digital collectibles market with impressive sales figures.
According to CryptoSlam, Ethereum spearheaded the top digital collectible blockchains in the first week of December, surpassing $187 million in weekly sales volume. This marked a significant uptrend that started back in October. Surpassing November’s highest week of $181 million in NFT sales, December’s opening week set a new record.
After a period of decline, NFT volumes have been steadily climbing since the lowest point in September, when monthly sales hit their lowest since 2021. However, October saw a strong recovery, with a 57% increase month-on-month, leading to over $562 million in NFT sales in November.
Notably, Ethereum saw a 44.69% increase in NFT sales, reaching $92 million last week. The surge was driven by popular collections like Pudgy Penguins and CryptoPunks, which displayed remarkable performances.
Pudgy Penguins, for instance, saw a staggering $25 million in sales, a 346% surge from the previous week. The collection’s floor price rose from 13 ETH on November 30 to 20.9 ETH, equating to around $83,000 by December 8.
CryptoPunks secured the second spot in NFT collections, with $16.5 million in weekly sales. The collection’s floor price briefly spiked to 44 ETH on December 4 before settling at 40 ETH, valued at approximately $160,000 on December 8.
In addition to Ethereum, Bitcoin-based NFTs amassed $43.8 million in sales, while other blockchains like Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow together recorded a combined weekly sales volume of $47 million.
Coinciding with Ethereum’s NFT surge was a breakout in ETH’s price, climbing above $4,000 on December 6, reaching a peak of $4,067. Analysts predict a potential rally for ETH akin to its explosive growth between 2016 and 2017, with some projecting a price target as high as $15,000.
As the NFT market continues to flourish, it’s evident that digital collectibles are not only gaining momentum but also shaping up to be a lucrative investment opportunity. Subscribe to our Nifty Newsletter for more insights on market trends, emerging artists, and opportunities in the NFT landscape delivered every Wednesday. Join us as we navigate the world of NFTs together!
