The NFT Market is Defying Expectations in November

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While the crypto winter has dampened business in many sectors, the NFT market is flourishing with record-breaking sales volumes in November according to several reports.

NFT Sales Surge Past $129 Million

NFT market

Data from blockchain analytics firm Nansen shows just how robust activity has been last month. Their findings revealed that NFT sales had soared to over 68,000 ETH – equivalent to more than $129 million – in the single week ending November 6th. Just a month prior in early October, weekly volume was only around 30,000 ETH or $56 million. So NFT trading doubled within the span of a few weeks.

Blur Takes the Top Spot

When analyzing the last 30 days of trading, data aggregator NFTGo reported that marketplace Blur commanded the largest share with over 161,000 ETH in transactions – approximately $305 million. That’s quite an impressive figure. In second was behemoth OpenSea with 52,000 ETH traded, around $100 million. So while OpenSea still has massive user numbers, upstart Blur is giving it a run for its money.

BAYC Remains the Blue Chip

BAYC
Of the individual collections, Bored Ape Yacht Club continued raking in huge volumes. Its 35,000 ETH in the past month’s trading converted to a stellar $66.7 million. Not far behind were the Mutant Ape Yacht Club and The Captainz collections. CryptoPunks retained the top spot by market cap, but its trading volume was a comparatively lower 5,700 ETH.

Ethereum Sales Hit New Heights

It wasn’t just Nansen noting increased activity – another analytics firm Coingape reported that Ethereum sales in the NFT market had blasted past 68,000 ETH in a single week. That’s the highest level on record according to their findings. Even amidst the supposed “bear market”, volumes and trader numbers are expanding rapidly. NFTGo data revealed the amount of traders had grown 12% in the past seven days alone.

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