NFT sales, which had been on a decline since March, hit their lowest point in September, marking the weakest monthly sales volume since 2021. However, the market began recovering in October and saw a 57% month-on-month increase in November, with total volumes exceeding $562 million.

Ethereum Leads With $92M Weekly Sales Volume

Ethereum recorded over $92 million in weekly sales, representing a 44.69% increase from the previous week. The surge was largely driven by collections like Pudgy Penguins and CryptoPunks, which posted significant sales volumes.

• Pudgy Penguins saw a massive 346% increase from the previous week, with $25 million in sales. DefiLlama data shows that the collection’s floor price rose from 13 ETH on Nov. 30 to 20.9 ETH (approximately $83,000) by Dec. 8.
• CryptoPunks followed, taking the second spot with $16.5 million in weekly sales. Its floor price briefly hit 44 ETH on Dec. 4 before settling at 40 ETH (around $160,000) by Dec. 8.

Other Blockchain Networks and Market Overview

• Bitcoin-based NFTs came in second, recording $43.8 million in weekly sales.
• Networks like Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow collectively accounted for $47 million in sales.

Ethereum Price Breaks $4,000

This rise in NFT activity coincided with Ethereum’s price breakout. On Dec. 6, ETH surpassed $4,000, reaching a high of $4,067. An analyst noted that Ethereum is entering a new bullish phase, predicting it could repeat the impulsive breakout seen between 2016 and 2017, potentially reaching $15,000.

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