Bitcoin NFTs Dominate
According to a recent research report released by Binance, the NFT market experienced a significant upswing in November 2023. The report, shared with crypto.news on December 4th, highlights that the market witnessed a sales volume of $0.91 billion. This represents a 200% increase compared to the previous month, marking the most substantial growth seen in 2023.
Nansen’s NFT-500 Index and the Blue Chip 10 Index Show Improvement
The recovery is evident in key market indicators, such as Nansen’s NFT-500 Index and the Blue Chip 10 Index. These indices have shown reduced year-to-date declines at 49% and 43%, respectively. This improvement is noteworthy compared to the previous month’s 58% and 50% declines.
The Rise of Bitcoin NFTs
A significant factor in this resurgence is the emergence of Bitcoin NFTs. The $SATS collection, featuring unique satoshis, has seen a staggering 1,039% growth in sales volume month-over-month, reaching $93 million. This impressive figure surpasses the sales volumes of other notable NFT collections like Bored Ape Yacht Club ($42 million) and CryptoPunks ($29 million).
A Larger Upward Trajectory
Beyond NFTs, the report also sheds light on broader trends in the crypto market. November marked a sustained upward trajectory, with an 11% increase in total market capitalization month-on-month.
Continued Expansion in the Defi Sector
The defi sector has also shown continued growth, following the positive trend observed in October. It recorded a significant 10% month-on-month increase in Total Value Locked (TVL) during November. These numbers indicate a shift in investor sentiment, suggesting a more optimistic outlook compared to the start of the year.
