NFT Market Shows Signs Of Recovery Amid Increased Activity

According to BlockBeats, a report by Galaxy Research on December 18 indicates that the non-fungible token (NFT) market is showing signs of recovery. The report highlights that NFT trading volumes had been declining for most of the year. However, with the U.S. elections and the subsequent rebound in the cryptocurrency market, trading volumes began to reverse in November. At the beginning of November, weekly NFT trading volumes exceeded $100 million for the first time since May, reaching $172 million by December 2. Analyst Gabe Parker noted that this recovery is primarily driven by increased activity among the top 25 NFT collections by market capitalization. Additionally, major marketplaces such as OpenSea, Blur, and Magic Eden have seen increased engagement. Notably, Blur and OpenSea accounted for 60% and 27% of the total trading volume, respectively, over the past 30 days. This resurgence in trading activity suggests a renewed interest in NFTs, potentially signaling a broader market recovery.