The NFT Market Is Showing Signs of a Comeback

So far, 2024 has not been overall a great year for the NFT market, but in recent weeks we are witnessing a comeback in prices.

The NFT market has had a rough 2024 so far, with sales volume and prices plummeting. But in recent weeks, we’re finally starting to see a recovery in the market.

The best collections, like BAYC, Crypto Punks, and Pudgy Penguins, have all seen an increase in both their respective floor price and total sales volumes.

So far this year, the NFT market has continued to decline following the bursting of the bolla in 2022 – when the value of the cryptographic JPEG industry reached $417 billion.

Since then, both the market capitalization and sales volumes have taken a hit, entering a bear market that continues to this day.

According to data from Coinmarketcap’s Highest Price NFT Stats (up to July 2024), the NFT market capitalization has decreased by around 48% since the beginning of 2024.

At the start of the year, the market cap was valued at $51.7 billion, compared to the current $26.8 billion.

Meanwhile, sales have plummeted from $3.7 billion to $819 million in the same period.

The downturn in 2024 has mainly affected the major NFT collections on the market, such as the famous “Crypto Punks” which were created in 2017 by Larva Labs.

According to data from NFTPriceFloor, these collectible pieces have almost halved in price (in ETH) since January.

Their floor price has dropped from 52.9 ETH to the current 28.5 ETH, while the value in dollars has fallen from $128,000 to around $70,000.

At the height of their splendor, the Crypto Punks were valued at over 110 ETH per token.

If we shorten the time horizons by focusing only on the last few weeks of trading, we notice that there is a price recovery in the NFT market.

Starting from the Crypto Punks, which boast the primacy in the capitalization of the sector, we see a strong increase in the quotations from August 20 onwards.

The floor price of the collection in just 8 days has increased by over 20%, going from 22.8 ETH to 28.5 ETH. Some sales in these days have even exceeded the price of 30 ETH.

This is a signal of strong return of interest for a market that has been completely abandoned in recent years.

The international tensions and the uncertainties on the macroeconomic front have not favored the emergence of this speculative asset class, but now the time for the comeback has arrived.

Not only for the Crypto Punks, the increase in prices in the NFT market has also affected other collections.

As reported by the marketplace Blur, almost all the top collections (some more, some less) have seen an increase in the floor price in the last 7 days.

Pudgy Penguins increased by 14.78% bringing the selling price to 10.79 ETH, while Bored Ape Yacht Club rose only by 2.18% to 13.09 ETH.

Excellent numbers for Azuki, which despite losing appeal, records an increase of 7.2% in price, rising to 4.91 ETH.

Mutan Ape, Lul Pudgys, Baby Bears e Doodle also offer positive performance despite the slight decline on the last trading day.

Only Milady is bucking the trend, marking a drop of 7.26% in 7 days: however, the collection has grown throughout 2024 contrary to the rest of the market, doubling its value in 8 months.

The recovery of NFT market prices that we are witnessing in recent days is accompanied in parallel by an increase in sales volumes.

Within decentralized platforms like Blur, OpenSea, Magic Eden and Element Market, trades have intensified rapidly.

As reported by the site “CryptoSlam”, almost all the top collections have had an increased sales volume in 30 days.

To highlight in particular the great success of Crypto Punks, Guild of Guardians, and DeGods, which during the period recorded a boost in sales of 134%, 185%, and 259% respectively.

The recovery of the NFT market is also visible on Sorare, coinciding with the start of the 2024/2025 football season, and on the famous BAYC managed by Yuga Labs.

Numbers still negative instead for the DogeZuki and Solana Monkey Business collections, as well as for NodeMonkes.

Overall, the global sales volume of the NFT market has grown by 14% in 7 days, reaching 100 million dollars.

In total, there have been over 1.8 million on-chain transactions in this context, with an