Galaxy Research said in a report on Monday that the NFT market is showing signs of recovery. The NFT market began to rebound in November amid the US election and the subsequent rebound in the cryptocurrency market. The report pointed out that the weekly trading volume of NFTs exceeded $100 million in early November for the first time since May, and reached $172 million on December 2; the recovery was mainly driven by the increase in activity of the top 25 NFT collections by market value, and the participation of major market platforms such as OpenSea, Blur and Magic Eden also increased.
In the past 30 days, Blur and OpenSea accounted for 60% and 27% of the total trading volume respectively. NFTs related to the Pudgy Penguins ecosystem performed particularly well, with the floor prices of the Pudgy Penguins and Lil Pudgys series rising by 206% and 265% respectively. (Coindesk)