PANews December 18th news, according to CoinDesk, Galaxy Research said in a report on Monday that the NFT market is showing signs of recovery. For most of the year, NFT trading volume has been declining, but it has started to pick up since November after the US election and the subsequent rebound in the cryptocurrency market.
The report pointed out that for the first time since May, the weekly trading volume of NFTs exceeded $100 million in early November and reached $172 million on December 2; the rebound was mainly driven by the increase in the activity of the top 25 NFT collections by market value, and the participation of major market platforms such as OpenSea, Blur and Magic Eden also increased. In the past 30 days, Blur and OpenSea accounted for 60% and 27% of the total trading volume, respectively. NFTs related to the Pudgy Penguins ecosystem performed particularly well, with the floor prices of the Pudgy Penguins and Lil Pudgys series rising by 206% and 265%, respectively.
