The non-fungible token (NFT) market witnessed a remarkable resurgence in December, with an impressive $187 million in sales volume, marking a promising start to the month. The first week’s activity not only showcased an increased collector interest but also set a new precedence, surpassing any week in November, which peaked at $181 million in sales.
Ethereum, the commonplace platform for NFT creation and trading, has notably spearheaded this surge. With $92 million in sales, it marked a substantial 44.69% increase from the previous week. Two Ethereum-based collections, Pudgy Penguins and CryptoPunks, were at the forefront, contributing significantly to the sales volume. Pudgy Penguins alone boasted a 346% increase to reach $25 million in weekly sales.
The ascent of Pudgy Penguins has been meteoric, with the floor price of the collection jumping from 13 Ether (approximately $3,979.92) to a notable 20.9 Ether (approximately $83,000) just in a week. Similarly, CryptoPunks continued to captivate collectors, with $16.5 million in sales, experiencing a floor price surge to 44 Ether and later stabilizing at 40 Ether, valued at around $160,000.
Following Ethereum, Bitcoin-centric NFTs carved their niche with an impressive $43.8 million in sales, while other blockchain platforms such as Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow collectively contributed $47 million to the weekly sales volume.
Simultaneously, Ethereum’s native currency, ETH, experienced a notable price breakout, ascending above the $4,000 threshold on Dec. 6, signaling renewed investor confidence. Analysts observe these developments with keen interest, some predicting a potential rally for ETH, possibly reaching up to $15,000, reminiscent of its historical growth trajectory.
The recent uptick in NFT sales volume and Ethereum’s price bolster the optimistic sentiment in the digital assets market, suggesting a possible continuous growth phase for the NFT ecosystem and Ethereum’s ongoing prominence in the field.
