NFT Sales Soar to Highest in Nine Months as Crypto Bull Run Heats Up

The Non-Fungible Token (NFT) market is waking up as gains across the crypto make their way to collectibles.

NFT daily sales surpassed $94 million over the last three days, according to data from CryptoSlam. This marks the highest trading volume for the sector in over eight months, with the last similar levels recorded in March.

The recent price surge suggests that the once-thriving NFT sector might be poised for a comeback after months of stagnation.

“As the bull market continues, people will likely find themselves looking to rotate their gains from majors and memecoins into other areas, and NFTs will likely be at the top of the list,” said Chris Akhavan, the Chief Revenue Officer at NFT marketplace Magic Eden.

CryptoPunks and BAYCs Rise

Most of the top 25 NFT collections’ floor price and market capitalization increased over the past 24 hours and grew over the past week.

CryptoPunks, for example, recorded a floor price of 43.99 ETH, an increase of 17.31% in the past seven days. It now holds a market cap of over $1.6 billion, according to data from NFT Floor Price.

Floor prices for Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) also increased by 93% and 95%e in ETH terms in the past seven days, respectively. This growth follows the sector's bullish momentum after November’s sales totaled $562 million, a 57% increase from October’s $356 million figure.

OpenSea Volumes Jump

Meanwhile, OpenSea, the world's largest marketplace for NFTs, recorded nearly $11million in daily NFT trading volume on Dec. 1, a 49% increase from Nov. 30.

The activity was likely driven by an uptick from retail investors and strong performances from popular NFT collections.

NFT markets have recorded around $12 billion in NFT trading over the past 12 months, with Solana and Bitcoin NFTs having had particularly strong runs, Akhavan said.

“I expect NFTs will come back [even] stronger in 2025,” Akhavan said. “Similar to the real world, people spend more on luxury and entertainment when times are good. In crypto, NFTs are the closest analog to that.”

UPDATE: Story was corrected 12/6 to reflect CryptoSlam's adjusted Dec. 2 NFT sales figure