Key Takeaways:
- NFT Trading Volume Surges: The total trading volume of NFTs hit an amazing level in December 2024 as the market experienced a strong recovery.
- Ethereum Leads the Way: Ethereum continued to be at the forefront in the NFT space, as the lion’s share of the total trading volume went its way.
- Top Collections: Pudgy Penguins and CryptoPunks are two of the most popular collections that accounted for a great part of the market growth.
December 2024 is an eventful month in the NFT markets—a stronger comeback after months of stagnation. According to data from CryptoSlam, the total NFT trading volume in the first week of December surpassed $187 million, beating the best record week of November at $181 million. This has continued the positive trend started in October and marked significant recovery from the challenging month of September.
Ethereum: The Driving Force Behind the Recovery
Ethereum was the leading contributor to this strong recovery. The volume of Ethereum was well over $92 million, up 44.69% from the week before. This was highly driven by the top collections’ brilliant performance, including Pudgy Penguins and CryptoPunks.
Pudgy Penguins and CryptoPunks Shine Brightly
Pudgy Penguins reached a high trading volume of $25 million, which outperformed the previous week by 346%. Its floor price jumped from 13 ETH to 20.9 ETH, approximately $83,000 on December 8.
Pudgy Penguins NFT
Not to be left out, CryptoPunks had a total traded volume of $16.5 million to secure the second-best spot. Its floor price attained a maximum value of 44 ETH before oscillating around 40 ETH, about $160,000 as of December 8.
Participation of Other Blockchains
Apart from Ethereum, other blockchains also contributed to the NFT market’s performance in December. Bitcoin-based blockchains recorded a trading volume of $43.8 million, while other blockchains, including Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow, collectively contributed $47 million.
November: Remarkable Recovery
Even before December’s boom, November showed very promising signs with $562 million in trading volume, a 57% increase from October. This was the highest level in six months and proved that the NFT market’s heady days were slowly making their way back. CryptoPunks also saw its floor price rise significantly from around 26 ETH to almost 40 ETH by the end of November.
More News: The Rise of NFTs: How to Profit from Digital Art and Collectibles
Noteworthy Events
Besides impressive trading volume figures, a number of events took place in November and December:
- RTFKT, owned by Nike, shut down its operations completely. This is indicative of the volatility and fierce competition that characterizes the NFT market.
- Yuga Labs acquired the technical team at Tokenproof, showing deep commitment to research and development in NFT technology.
- Emergence of New Collections: The flow of projects into the NFT market persisted, fostering greater variety and competitiveness.
Blockchain Trading Volume
| Blockchain | Trading Volume (Million USD) | Note |
| Ethereum | 92+ | Growth 44.69% from the week before |
| Bitcoin | 43.8 | – |
| Solana, Immutable, Mythos Chain, Polygon, Cardano, Flow (Total) | 47 | – |
Source: CryptoSlam
Observations
The strong growth of the NFT market in December 2024 highlights the immense potential of digital assets. However, this is a volatile market that requires proper strategy on the part of investors. The fierce competition will continue to drive innovation and technology in this area.
The participation of major brands such as Nike and investment by leading companies like Yuga Labs underlines confidence in the future of NFTs. However, caution is still advised, especially for new investors in the market. A deep understanding of the market is crucial for making informed investment decisions.
