Galaxy Research Reports NFTs Are Gaining Momentum with Rising Trade Activity

Top NFT marketplaces like OpenSea, Blur, and Magic Eden have seen a notable uptick in activity since November, signaling a potential revival in the NFT market, according to a Galaxy Research report.

The NFT sector, which enables blockchain-based ownership of digital and physical assets, has shown renewed momentum after months of declining trading volumes. This turnaround began in November, driven by the U.S. elections and a broader crypto market rally.

Weekly NFT trading volumes crossed the $100 million mark in early November for the first time since May, reaching $172 million by December 2, the report highlighted.

“The recovery has been fueled largely by heightened activity among the top 25 collections by market capitalization,” analyst Gabe Parker observed. Leading marketplaces contributed significantly to the surge, with Blur handling 60% of the total trading volume over the last 30 days and OpenSea accounting for 27%.

The Pudgy Penguins ecosystem has emerged as a standout performer, with its collections—Pudgy Penguins and Lil Pudgys—experiencing dramatic floor price increases of 206% and 265%, respectively, during the period.