The non-fungible token (NFT) market is showing signs of recovery, Galaxy Research said in a report on Monday.
NFTs are digital assets on a blockchain that represent ownership of virtual or physical items and can be sold or traded.
NFT volumes had been down for most of the year but started to turn around in November after the US election and the subsequent rally in the crypto market.
Weekly NFT trading volumes exceeded $100 million in early November for the first time since May and reached $172 million on December 2, Galaxy said.
“This resurgence is primarily due to increased activity in the top 25 collections by market cap,” wrote analyst Gabe Parker, with increased participation across leading marketplaces such as OpenSea, Blur and Magic Eden.
Blur and OpenSea were responsible for 60% and 27% of total volume in the past 30 days, respectively, the report said.
NFTs linked to the Pudgy Penguins ecosystem have performed better. For the Pudgy Penguins and Lil Pudgys collections, floor prices rose 206% and 265% respectively, the report said.
Read more: Pudgy Penguins PENGU Token Debuts with a Market Cap of $2.3 Billion
