NFT Volumes Break 7-Month Downtrend, Surging to $915M

• NFT trading volumes peaked at $1.201 billion in February but later entered a downward spiral, crashing to $297 million in September. 
• The market has reserved the downtrend and experienced a $915 million increase.
• The newcomer Bitcoin NFTs made a significant share, outranking Ethereum NTFs.

In a recent report, the research team at the leading crypto exchange, Binance, disclosed that the NFT market has experienced a sudden break out from a longstanding bearish trend. According to the research, the NFT trading volumes surpassed their previous downtrend and experienced a notable month-over-month increase of $915 million in November. 

Based on the data from Binance, the last time NFT volumes touched $900 million was in March. Meanwhile, the market had its peak point of the year in the previous month at $1.201 billion. However, following this peak, a downward trajectory ensued, with volumes dropping to approximately $700 million in May. 

This bearish trend persisted, reaching its depths in September when it hit the year’s lowest point at $297 million. Effectively, the $915 million recorded in November marks a break out of the eight-month-long bearish trend that started in March.

Remarkably, in November, the blockchain with the highest growth rate in trading volume within the NFT market was Bitcoin, even though Bitcoin NFTs debuted in late 2022.

Per the report, Bitcoin NFTs, which had virtually no trade volume in January, emerged as the most sought-after NFTs in November. It accumulated a staggering volume of over $375 million. This volume surpassed even those for Ethereum NFTs at $348 million, marking a gap of $27 million.

Also, Bitcoin NFTs barely recorded a significant volume through August, September, and October, only to outpace the longstanding champion, Ethereum, in November. Binance underscored that such success is noteworthy for a blockchain traditionally considered less suitable for applications and NFTs. 

Ultimately, the report highlighted that the overall uptick signals a positive shift in the NFT market sentiment and a resurgence in NFT speculation. It added that it marked a significant turnaround from months of subdued prices and pessimism within the sub-sector.