A new research report from Binance highlights that the NFT market saw a rebound in November, marking a turnaround from its year-long decline with sales volume of $910 million.
These figures highlight a 200% month-on-month increase, the most substantial growth seen in 2023 so far.
Bitcoin NFTs dominate
The research report shared with crypto.news on December 4 points to indicators of this recovery, including the Nansen NFT-500 Index and the Blue Chip 10 Index, showing narrow year-to-date declines at 49% and 43%. , respectively, showing improvement compared to 58% and 50% the previous month.
Binance also attributes the resurgence in NFT sales to the prominence of Bitcoin NFTs. The $SATS collection, which features individual satoshis with unique identifiers, is among the most notable with a month-over-month growth of 1,039% in sales volume, reaching $93 million.
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This figure is said to eclipse the sales volumes of other notable NFT collections, including Bored Ape Yacht Club with $42 million and CryptoPunks with $29 million.
A broader upward trajectory
The report, which analyzes various industry trends, also states that November witnessed a sustained upward trajectory in the cryptocurrency market, marked by an 11% month-on-month increase in the total market capitalization.
Furthermore, the defi sector continued its expansion, maintaining the positive trend seen in October, and recorded a notable 10% month-on-month increase in total value locked (TVL) during November. Unlike at the beginning of the year, these figures show that investor confidence is likely to improve.
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