Galaxy Research: The NFT market is showing signs of recovery, with about 90% of transactions occurring on the Blur and OpenSea platforms

2024-12-18 19:14:20

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ChainCatcher news, according to Coindesk, Galaxy Research stated in a report on Monday that the non-fungible token (NFT) market is showing signs of recovery.

The data cited in the report shows that for most of this year, NFT trading volume has been declining, but with the U.S. elections and the subsequent rebound in the cryptocurrency market, trading volume began to reverse in November. The weekly NFT trading volume in early November exceeded $100 million for the first time since May, reaching $172 million on December 2.

Analyst Gabe Parker wrote, "This recovery is primarily driven by increased activity in NFT collectibles ranked in the top 25 by market capitalization, with participation from major markets like OpenSea, Blur, and Magic Eden also increasing. Among them, Blur and OpenSea accounted for 60% and 27% of total trading volume, respectively, in the past 30 days."

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