NFT Market Makes a Comeback: CryptoPunks and BAYC Lead the Charge

After a meteoric rise and a painful crash, the NFT market is showing signs of life again. Recent data highlights an uptick in both sales volumes and floor prices, with iconic collections like CryptoPunks and Bored Ape Yacht Club (BAYC) still reigning supreme. While the market has yet to return to its golden days, its momentum shows that the future of NFTs is far from over.

Sales Volumes Are on the Rise

November proved to be a game-changer for NFTs, with sales volumes soaring to over $562 million — a six-month high and a 57.8% leap from October's numbers. This is a significant improvement after a seven-month decline since March 2024, when the market peaked at $1.6 billion in sales.

December brought more good news. CoinGecko reported the NFT market capitalization hit $8.8 billion, with a weekly growth of 17.3%. Daily trading activity also jumped by 48% in just 24 hours.

CryptoPunks, one of the most famous NFT collections, are enjoying a renaissance. In November, their floor price shot up by 52% to reach 26.3 ETH. Monthly sales volumes surged to $49 million, a dropping 392% increase compared to October.  

The sale of Punk 1563, fetched an astronomical 24,000 ETH (around $56.3 million), making it the priciest NFT transaction of the year.  

Bored Ape Yacht Club is also on the rise, with its floor price climbing to 21.27 ETH ($79,727) – a 75.79% weekly surge. They account for 1,486 ETH of daily trading volume, indicating strong interest from whales and retail investors.

Other collections like Pudgy Penguins are cementing their position in the blue-chip segment, hitting a low of 14,869 ETH ($55,758) and up 30% on a weekly basis.

New Drivers and Initiatives

The NFT sector is actively evolving through innovative solutions and collaborations. Doodles, the first original NFT collection, is showing signs of revival following a promotional campaign with McDonald’s.  

Their characters have appeared on over 100 million McDonald’s cups since November 18. Customers ordering hot drinks at U.S. fast-food restaurants receive digital outfits for their Doodles avatars and a pass to the pilot episode of the animated film Dullsville and the Doodleverse.  

NFT trading platforms are also introducing changes. Blur is considering implementing fees for traders and revising its royalty policy for creators. Currently, the marketplace charges 0% transaction fees, with a minimum royalty rate of 0.5% for creators. However, this fee structure may shift, as board members debate adding a 0.5% protocol fee to every transaction and making creator royalties optional.  

The crypto community is buzzing about a potential airdrop from OpenSea after NFT trader @JohnWETH_ shared screenshots showing OpenSea v2 in beta testing.  

OpenSea CEO Devin Finzer quoted @JohnWETH_'s tweets, confirming that the NFT platform is currently working with early beta users.  

Current data shows the NFT sector is gradually recovering, though it remains far from its peak. However, new initiatives like a potential OpenSea airdrop or partnerships with major brands could attract a fresh audience and renew interest.  

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