Share this article
NFTs Are Making a Comeback as Trading Volumes Surge: Galaxy Research
Leading marketplaces such as OpenSea, Blur and Magic Eden have seen increased activity since November, the report said.
Dec 18, 2024, 10:53 a.m.
What to know:
- The NFT market has bounced back since the U.S. presidential election in November, the report said.
- Galaxy noted that weekly trading volumes have reached $172 million.
- Leading NFT marketplaces such as OpenSea, Blur and Magic Eden have all seen increased activity, Galaxy said.
The non-fungible token (NFT) market is showing signs of recovery, Galaxy Research said in a report Monday.
NFTs are digital assets on a blockchain that represent ownership of virtual or physical items and can be sold or traded.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
NFT volumes had been declining for most of the year, but began to reverse in November following the U.S. elections and the ensuing crypto market rally.
Weekly NFT trading volumes exceeded $100 million in early November for the first time since May, reaching $172 million on Dec. 2, Galaxy said.
"This resurgence has been primarily driven by increased activity among the top 25 collections by market cap," analyst Gabe Parker wrote, with increased participation across leading marketplaces such as OpenSea, Blur and Magic Eden.
Blur and OpenSea were responsible for 60% and 27% respectively of the total volume over the last 30 days, the report noted.
NFTs linked to the Pudgy Penguins ecosystem have outperformed. Pudgy Penguins and Lil Pudgys collections saw their floor prices rise 206% and 265% respectively, the report added.
Read more: Pudgy Penguins PENGU Token Debuts at $2.3B Market Cap
Higit pang Para sa Iyo
Ano ang dapat malaman:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Trump’s Security Strategy: Impact on Bitcoin, Gold, Bond Yields
The White House's new National Security Strategy emphasizes increased global fiscal expansion and military spending.
What to know:
- The White House's new National Security Strategy emphasizes increased global fiscal expansion and military spending.
- NATO allies are urged to raise defense spending to 5% of GDP, significantly higher than the previous 2% mandate.
- Heightened government borrowing could lead to higher bond yields and inflation, complicating interest rate cuts.
Top Stories
