Weekly Sales Reach $187 Million with Ethereum and Pudgy Penguins at the Helm: The Merkle News
The NFT market has started December strong, with $187 million in weekly sales.
This resurgence follows patterns related to Bitcoin halvings, with previous NFT bull markets taking off 428 days after the 2020 halving, and a significant spike 235 days post-halving.
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Ethereum remains at the forefront of the NFT landscape, leading with $92 million in sales—a 44.69% increase from the previous week.
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Pudgy Penguins has emerged as a notable collection, generating $25 million in sales—a 346% surge week-over-week. The collection has surpassed Bored Ape Yacht Club to become the second-largest NFT collection by market capitalization, now valued at $779 million.
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NFTs Now Getting Notable Activity
CryptoPunks also saw strong activity, with $16.5 million in weekly sales, solidifying its position among the top-performing collections. Bitcoin-based NFTs contributed $43.8 million to the total volume for the week, highlighting their growing presence in the NFT ecosystem.
The Azuki NFT collection has risen to fifth place by market capitalization, overtaking Mutant Ape Yacht Club after its floor price surged 17.9% in a day. This rapid ascent showcases the increasing demand and shifting dynamics in the NFT market.
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The current uptick in activity demonstrates the resilience of the NFT market in attracting both creators and investors.
With Ethereum leading, newcomers like Pudgy Penguins challenging established collections, and Bitcoin NFTs gaining traction, the ecosystem is poised for further growth. Historical trends suggest this could signal another major NFT bull market ahead.
Disclaimer: This is not investment advice. Always conduct your research before purchasing any NFTs or cryptocurrency.
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