November Sees NFTs Experience a Remarkable Reversal in Year-Long Downtrend, Says Binance Research
A recent report from Binance has revealed that the NFT market experienced a significant increase in November, signaling a positive shift after a year-long decline. The sales volume reached $0.91 billion, representing a 200% growth compared to the previous month and the most substantial growth seen in 2023 thus far.
Bitcoin NFTs played a major role in this resurgence, according to Binance. One standout collection, called $SATS, features individual satoshis with unique identifiers and saw a staggering 1,039% increase in sales volume, reaching $93 million. This figure surpasses the sales volumes of other prominent NFT collections such as Bored Ape Yacht Club ($42 million) and CryptoPunks ($29 million).
The report also highlights a sustained upward trajectory in the crypto market during November, with an 11% month-on-month surge in total market capitalization. The defi sector, which has been expanding consistently since October, recorded a notable 10% increase in Total Value Locked (TVL) during November. These numbers indicate a positive shift in investor sentiment compared to the beginning of the year.
Overall, the report paints a promising picture for the NFT market and the crypto industry as a whole, suggesting that the recent growth trend is likely to continue.
