NFT Sales Surge in December: Ethereum Leads with $92 Million Weekly Volume

NFT market is experiencing a robust recovery, marking a strong start to December with weekly sales surpassing $187 million, according to CryptoSlam. This upward trend continues the momentum from November, which recorded $181 million in its strongest week.

After a period of declining sales volume since March—reaching a low in September—NFTs began recovering in October. November cemented this resurgence with a monthly sales volume of over $562 million, reflecting a 57% increase from the previous month. The first week of December builds on this trajectory, with Ethereum dominating as the leading blockchain for digital collectibles.

Ethereum’s NFT Dominance

Ethereum recorded an impressive $92 million in NFT sales during the week, up 44.69% from the previous week. Key drivers of this surge include popular collections like Pudgy Penguins and CryptoPunks.

Pudgy Penguins led the charge with $25 million in sales, representing a staggering 346% week-over-week increase. Its floor price also saw a significant jump, rising from 13 ETH on November 30 to 20.9 ETH (approximately $83,000) by December 8, according to DefiLlama data.

CryptoPunks followed closely with $16.5 million in weekly sales. The iconic collection’s floor price briefly hit 44 ETH on December 4 before stabilizing at 40 ETH ($160,000) by December 8.

Bitcoin-based NFTs also made a strong showing, securing the second spot with $43.8 million in sales. Meanwhile, blockchains like Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow collectively contributed $47 million in sales volume.

ETH Price Breakout Sparks Optimism

The resurgence in Ethereum-based NFTs coincides with a notable price breakout for Ether (ETH). On December 6, ETH surged above $4,000, reaching a high of $4,067. Analysts believe this rally could signify the beginning of a new paradigm shift for Ethereum.

One trader drew parallels to Ethereum’s historic 2016-2017 bull run, suggesting the asset could potentially climb as high as $15,000 in the near future. This bullish sentiment, coupled with rising NFT activity, paints an optimistic picture for Ethereum’s ecosystem heading into 2024.