NFTs witnessed turnaround in November, reversing year long downward trend

A new research report from Binance highlights that the NFT market experienced an upswing in November, marking a turnaround from its year-long downturn with a sales volume of $0.91 billion.

These numbers highlight a 200% month-over-month increase, the most substantial growth seen in 2023 so far. 

Bitcoin NFTs dominate

The research report shared with crypto.news on Dec. 4 points to indicators of this recovery, including Nansen’s NFT-500 Index and the Blue Chip 10 Index, showing reduced year-to-date declines at 49% and 43%, respectively, showcasing improvement from the previous month’s 58% and 50%.

Binance also attributes the resurgence in NFT sales to the prominence of Bitcoin NFTs. The $SATS collection, featuring individual satoshis with unique identifiers, is among the standouts with 1,039% month-over-month growth in sales volume, surging to $93 million. 

This figure is said to outshine the sales volumes of other prominent NFT collections, including Bored Ape Yacht Club at $42 million and CryptoPunks at $29 million.

A larger upward trajectory

The report, which looks at several industry trends, also states that November witnessed a sustained upward trajectory in the crypto market, marked by an 11% month-on-month surge in total market capitalization. 

Additionally, the defi sector continued its expansion, maintaining the positive trend observed in October, and recorded a noteworthy 10% month-on-month increase in Total Value Locked (TVL) during November. In contrast to the beginning of the year, these numbers show that investor sentiment is likely to take a turn for the better.

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