Ethereum has surpassed the $2,200 mark for the first time since May 2022, marking a notable price increase. This upward trend is mirrored in several prominent NFT projects, such as DeGods, which recorded double-digit percentage gains over the last 24 hours. Recent data indicates that the Ethereum NFT market’s transaction volume has reached $34.786 million, the highest since June 29, with Blur comprising 80% and OpenSea only 18% of this activity.
Noteworthy NFT projects like Pudgy Penguins, Azuki, and Milady have seen substantial price hikes, with Pudgy Penguins setting a new high by rising over 18% to more than 10 ETH. Golden Finance reported that Pudgy Penguins’ floor price hit a record 9.66 ETH, a remarkable 100% increase in 30 days.
These developments are significant considering the Ethereum NFT market’s challenges in 2022. Following a peak market capitalization of $19.1 billion in February 2022, the NFT market took a steep dive due to the Terra Luna and FTX collapses in May and November, respectively. By the end of November, the market value plummeted to $2.2 billion, signaling a substantial decline from its peak.
Ethereum NFTs: November Resurgence
Despite being a pivotal component of the DApp industry, the NFT market’s market cap shrank to $3.7 billion by the end of the year, representing a 60% decrease in USD value from the year’s outset. However, it exhibited signs of recovery, with a 68% increase in value from November 2022, reaching $3.7 billion.
Ethereum’s NFT sales volume in February 2023 was $950 million, but the overall bearish sentiments in the first and second quarters led to a severe decline in NFT trading activity. NFT market capitalization peaked at $10 billion on February 20 but experienced an 82% decrease in sales volume on Ethereum between February and October. November marked a turning point, witnessing a resurgence in NFT trading, with Ethereum-minted NFTs recording a sales volume of $348.61 million—the first month-over-month uptick since February.