Non-fungible Token resurrection? The trading volume of 4 major blue chips surged, and the 'project' Floor Pricebig pump increased by 75%

Is Non-fungible Token coming back to life?

When people mention Non-fungible Tokens (NFTs), many people first think of the crazy PFP (Profile Picture) market frenzy in 2021. Whether it's the glorious Bored Ape Yacht Club (BAYC), Cryptopunks, or even just a stone, they were all skyrocketing in value at that time.

However, the trading volume of Non-fungible Tokens has plummeted by over 90% in less than a year, and many projects that were once highly traded Non-fungible Tokens are now almost non-existent, causing many to question the future of Non-fungible Tokens.

Interestingly, as the cryptocurrency market fully recovered in November this year, the Non-fungible Token market has also shown strong signs of recovery recently.

According to the most recent data from CoinGecko, the overall Non-fungible Token (NFT) market value has increased by 17.3% in the past week, reaching 8.8 billion US dollars. The trading volume in the past 24 hours has surged by nearly 48%, and the floor prices of several blue-chip projects have also shown significant recovery.

Blue-chip Non-fungible Token leads the trend of recovery

In the Non-fungible Token market, so-called 'blue chip' Non-fungible Tokens have always been the focus of investors' attention. Leading the rebound in this wave are projects such as 'CryptoPunks', commonly known as 'Bored Ape Yacht Club' (BAYC), as well as 'Pudgy Penguins' and the Japanese anime-style project 'Azuki', which is commonly known as 'fat penguins'.

According to the data from the Non-fungible Token trading platform Blur, the November transactions of CryptoPunks reached $49 million, with a total of 388 transactions, an increase of 392% compared to October. With a market share of 40%, it remains the leader in the industry. The floor price of the project has also increased by 21% in the past 7 days, reaching 45.3 ETH at the time of writing.

"Bored Ape Yacht Club", regarded as the second largest blue chip, has also performed well. The project has a transaction volume of up to 1,486 $ETH in the past day alone. As of the time of writing, the floor price is reported to be 20.2 $ETH, with a weekly increase of 59.06% and a nearly 75% increase in the past month.

In addition, the floor prices of 'Pudgy Penguins' and 'Azuki' have also joined the ranks of this blue-chip rebound. The former saw a weekly increase of 30%, while the latter reached a weekly increase of 28.07%.

The overall trading volume of the market has rebounded significantly

In addition to the four major blue chips, according to CryptoSlam's data, the overall Non-fungible Token (NFT) market sales in November reached 562 million US dollars, the highest since May (close to 600 million US dollars in May). The overall transaction volume of the Non-fungible Token (NFT) market in the past week has exceeded the November track, indicating that the market has ushered in a new round of activity.

Competition between Non-fungible Token platforms is becoming increasingly fierce, with Blur leading the market share on the EVM chain, reaching a total transaction volume of $271 million in November, while OpenSea ranks second with $161 million.

There is still a gap from the peak.

It should be noted that although the trading volume of the Non-fungible Token market shows signs of recovery, it still cannot conceal the gap with its peak period. The CryptoSlam 500 Non-fungible Token index is currently at 1,135.04 points, a decrease of 53.77% from the peak of 2,494.74 points.

In addition, despite the rebound led by "CryptoPunks", "Bored Ape Yacht Club", "Pudgy Penguins", and "Azuki", investors are facing losses of over 50% from the historical highs of these projects.

Furthermore, compared to the past, the structure of the Non-fungible Token (NFT) market has undergone significant changes. In May, the number of independent buyers of NFTs exceeded 1 million, but by November, there were only 662,000 people, indicating that although the market shows signs of recovery, the number of retail investors has actually decreased. The recent surge is more driven by major players and institutional funds entering the market. Whether there will be new blood injected into the NFT market in the future still remains to be seen.

The article 'Non-fungible Token resurrected? Trading volume of 4 major blue chips soared, 'this project' floor price surged by 75%'. This article was first published in 'Crypto City'.