After lagging during this bull cycle, NFTs have emerged as the next potential growth sector. The non-fungibles sector started December with a weekly sales volume of $187 million, marking a 57% month-on-month increase so far, extending an upward momentum from October.
Ethereum leads in sales among digital collectibles blockchains with a $92 million weekly volume, reflecting a surge of 44.69% from the previous week.
Many major NFT collections from the last cycle show signs of life, with Pudgy Penguins, Milady, and CryptoPunks leading the rally with strong gains.
Pudgy Penguins (Source: Parsec Research)
Milady (Source: Parsec Research)
Pudgy Penguins and Milady Maker clearly stand apart with a shared catalyst: token launches. On Thursday, Pudgy announced a $PENGU launch to expand its ecosystem. Meanwhile, the Milady coin $CULT remains in limbo for updates after raising over $20 million in a pre-sale five months ago.
Since many in the crypto community view the launch of $PENGU as a new phase for the Pudgy Penguins—expanding from NFTs to a full Web3 powerhouse—it's no surprise that trading volume surged immediately as collectors rushed to position themselves before the token launch. Sales skyrocketed by 383% post-announcement, pushing the floor price up from 13 ETH to 20.9 ETH (~$83,000 at the time of writing).
(Source: NFTPriceFloor.com)
The Pudgy token distribution prioritizes community ownership. Another 24.12% targets other groups and newcomers in the "Huddle." Team allocation stands at 17.8%, with a one-year cliff and a three-year vesting plan. Finally, 12.35% is set aside for DEX liquidity.
Meanwhile, CryptoPunks maintains its blue-chip status, leading in high-value transactions. It ranks second among NFT collections, with $16.5 million in weekly sales. The floor price hit 40 ETH (~$160,000) on December 8, cementing the collection's position as the preferred choice for high-value NFT trades.
CryptoPunks (Source: Parsec Research)
Bitcoin-based NFTs claimed second place after Ethereum with $43.8 million in volume, while alternative chains—SOL, IMX, MYTHOS, MATIC, ADA, and FLOW—combined for $47 million in weekly trades.
(Source: CryptoSlam)
After a prolonged downturn, recent developments in the NFT market have shown rather systemic signs of renewed interest. Whether these movements signal a genuine revival of the NFT ecosystem or merely a temporary surge remains uncertain for now. Nonetheless, this trend is certainly worth monitoring.
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