In November, the NFT market noticed Blur outpace opponents, whereas the buying and selling quantity soared, regardless of a shrinking pool of consumers — and a lot extra. Discover out the ins and outs of the market as an entire in our November Month-to-month NFT Report in collaboration with Footprint Analytics!
November NFT Replace: Quantity Up, Purchaser Shift, Blur Features Floor
In November, the crypto panorama buzzed with exercise as Bitcoin and Ether costs surged, hinting at a market revival. The NFT sector noticed Blur outpace opponents, whereas the buying and selling quantity soared, regardless of a shrinking pool of consumers. The debut of Blast promised a brand new period of Ethereum scalability, all in opposition to the backdrop of Binance’s CEO stepping down, signaling a maturing market able to embrace regulatory compliance and forge forward.
Knowledge for this report was obtained from Footprint Analytics’ NFT analysis web page. A straightforward-to-use dashboard containing probably the most important stats and metrics to grasp the NFT trade, up to date in real-time, you could find all the newest about trades, initiatives, fundings, and extra by clicking right here.
Key Factors
Crypto Macro Overview
- Bitcoin’s value continued to rise in November, commencing at $34,629 and culminating in a 9.3% improve, with the closing value reaching $37,848.
- The settlement between United States companies and Binance is considered positively, because it reduces systemic danger within the crypto trade and will enhance investor confidence.
NFT Market Overview
- The crypto market’s resurgence in November prolonged to NFTs, with buying and selling quantity surging by 50.7% to $644.0 million.
- This rise in quantity was extra attributable to the elevated worth of the tokens used for pricing NFTs, slightly than a considerable resurgence in precise buying and selling exercise.
- The Blue Chip Index witnessed an upward pattern in November, with a rise of 12.8%.
Chains & Marketplaces for NFTs
- Ethereum dominated the NFT market with $634.2 million in buying and selling quantity, representing 98.5% of the full, marking a 50.4% improve from October.
- Blur stays the main NFT market, commanding a dominant 66.3% market share with a buying and selling quantity that hit $427.1 million.
- OpenSea noticed a decline in November, with its buying and selling quantity falling to $148.9 million.
- Blur skilled vital person progress, with 43.9K distinctive customers marking a 50.3% improve from the earlier month.
NFT Funding & Funding
- The NFT market noticed elevated exercise in November with two funding rounds totaling $11.5 million.
- Taproot Wizards, a Bitcoin Ordinals mission impressed by a traditional Bitcoin wizard meme, raised $7.5 million in funding led by Normal Crypto.
What’s New?
- Yuga Labs and Magic Eden Launching Ethereum NFT Market That Enforces Royalties
- OpenSea Slashes NFT Market Workers by 50%.
- Sq. Enix Declares Launch Date for Symbiogenesis, its First NFT Recreation.
- Disney To Launch NFT Platform With Dapper Labs That includes Pixar and Star Wars.
Crypto Macro Overview
Bitcoin’s value continued to rise in November, commencing at $34,629 and culminating in a 9.3% improve, with the closing value reaching $37,848. Ether opened the month at $1,812 and noticed a gradual progress of 11.9%, concluding the month at $2,028.
![](https://nftplazas.com/wp-content/uploads/2023/12/1.png)
Monetary markets demonstrated a tempered response to a spectrum of potential dangers. The anticipation surrounding the approval of a spot Bitcoin ETF contributed to a bullish sentiment, whereas encouraging developments within the Center East battle alleviated considerations over broader regional instability. Equally, america’ Shopper Worth Index (CPI) maintained its downward trajectory, fueling optimism for potential Federal Reserve price reductions and the potential of a ‘delicate touchdown’ for the U.S. financial system.
Changpeng Zhao(CZ) stepped down as CEO of Binance on November 21 as a part of a serious $4 billion settlement between United States companies and Binance. This settlement introduced closure to intensive investigations by the Division of Justice and different entities into Binance’s alleged anti-money laundering and sanctions violations. Bitcoin dipped to $35,800 following information of Binance’s settlement however recovered to stabilize within the mid-$36,000s by the following morning. The settlement is considered positively, because it reduces systemic danger within the crypto trade and will enhance investor confidence.
NFT Market Overview
The crypto market’s resurgence in November prolonged to NFTs, with buying and selling quantity surging by 50.7% to $644.0 million, though the transaction rely remained flat at 1,070,324. The interval did see a 12.9% drop in distinctive customers (wallets), totaling 244,928.
![](https://nftplazas.com/wp-content/uploads/2023/12/2.png)
The NFT market cap skilled progress in November, beginning at $4.68 billion and rising by 7.9% to shut the month at $5.05 billion.
![](https://nftplazas.com/wp-content/uploads/2023/12/3.png)
Throughout November, the ratio of consumers to sellers within the NFT market was 100.6%, representing a 35.5% decline from October’s figures. The month noticed 146,877 consumers in opposition to 145,956 sellers. This means that the variety of consumers fell by 21.7% from the month earlier than, whereas the variety of sellers rose by 5.9%.
The NFT market in November skilled a 50.7% improve in buying and selling quantity regardless of having 21.7% fewer consumers, suggesting that the uptick in quantity could not essentially point out a full market restoration. This rise in quantity was extra attributable to the elevated worth of the tokens used for pricing NFTs, slightly than a considerable resurgence in precise buying and selling exercise.
![](https://nftplazas.com/wp-content/uploads/2023/12/4.png)
The Blue Chip Index witnessed an upward pattern in November, with a rise of 12.8%.
![](https://nftplazas.com/wp-content/uploads/2023/12/5.png)
In keeping with the info from Footprint Analytics, CryptoPunks‘ ground value rose 18.4% in November, from 46.8 ETH to 55.5 ETH, peaking at 70 ETH on November 14. CryptoPunks led the NFT market with a $1.3 billion market cap and a 19.2% market share. Bored Ape Yacht Membership maintained a ground value of 30 ETH, a market cap of $674.4 million, and a ten.3% market share.
![](https://nftplazas.com/wp-content/uploads/2023/12/6.png)
One other perspective on the NFT market, the Google Tendencies information, utilizing the height curiosity from January 2022 as a benchmark set at 100, signifies that by the top of November, the general public curiosity for “NFT” (blue line) and “Non-fungible token” (purple line) was at a degree of 5. This implies that, regardless of the market’s restoration and progress in buying and selling quantity and market cap, most of the people’s curiosity in NFTs stays considerably decrease than it was throughout the peak interval.
![](https://nftplazas.com/wp-content/uploads/2023/12/7.png)
Chains & Marketplaces for NFTs
In November, Ethereum dominated the NFT market with $634.2 million in buying and selling quantity, representing 98.5% of the full, marking a 50.4% improve from October.
![](https://nftplazas.com/wp-content/uploads/2023/12/8.png)
In November, Ethereum’s distinctive person rely rose by 7.6%, reaching 140.4K. Conversely, the BNB Chain noticed a 4% decline from October, with 16.8K distinctive customers, marking a major 73.5% fall from the 63.4K recorded in July. In the meantime, Polygon skilled a considerable 35.3% discount in distinctive customers, totaling 92.0K.
![](https://nftplazas.com/wp-content/uploads/2023/12/9.png)
Relating to NFT marketplaces, Blur stays the main NFT market, commanding a dominant 66.3% market share with a buying and selling quantity that hit $427.1 million. This quantity marks a 112.3% surge from October’s figures, propelling Blur to its highest market share so far.
Following its itemizing on Binance’s convert function and the launch of Blast, $BLUR, the native token for Blur, skilled a value improve. It began at $0.30 on November 21, reached a peak of $0.68 on November 25, and ended the month at $0.50.
Blast, developed by Tieshun Roquerre, the founding father of Blur, launched in early entry on November 21 after elevating $20 million from Paradigm and Normal Crypto. It’s positioned as the primary Ethereum Layer 2 with a local yield mannequin and shortly amassed a TVL (Whole Worth Locked) of over $600 million by month’s finish. Regardless of its social media buzz, Blast confronted criticism over its 3/5 MultiSig escrow contract, preliminary withdrawal restrictions, and its referral program construction.
![](https://nftplazas.com/wp-content/uploads/2023/12/10.png)
In distinction, OpenSea noticed a decline in November, with its buying and selling quantity falling to $148.9 million. This represents a 16.8% lower from October’s numbers, and its market share additionally shrank from 41.4% to 23.1%.
At the beginning of November, OpenSea introduced a major discount in its workforce, slicing its workers by almost 50%. This resolution aligns with the corporate’s strategic pivot because it gears as much as introduce OpenSea 2.0, a revamped model of its market. Embracing a extra streamlined and flatter organizational construction, OpenSea goals to reinforce agility and competitiveness within the quickly altering NFT panorama. This transfer follows a earlier downsizing in July 2022, the place OpenSea decreased its workforce by 20%. The latest layoffs are, partly, a response to OpenSea’s lagging behind Blur in NFT buying and selling volumes, highlighting the corporate’s efforts to adapt and stay a key participant available in the market.
X2Y2 skilled a downturn in its market place, with its market share declining to five.4% in November. This was the bottom degree the platform had seen since Might 2022.
![](https://nftplazas.com/wp-content/uploads/2023/12/11.png)
Throughout November, there was a combined efficiency amongst NFT marketplaces concerning distinctive person metrics. OpenSea retained its lead in attracting customers, with 204.1K distinctive customers visiting the platform. Nonetheless, this determine signifies a 16.9% discount from October’s person rely. In distinction, Blur skilled vital person progress, with 43.9K distinctive customers marking a 50.3% improve from the earlier month.
![](https://nftplazas.com/wp-content/uploads/2023/12/12.png)
NFT Funding & Funding
The NFT market noticed elevated exercise in November with two funding rounds totaling $11.5 million.
Authentick secured $4 million in seed funding from Menyala, a venture-building platform based by Temasek, to facilitate shopping for digital collectibles and not using a Web3 pockets or trade. They’re enabling NFTs to be offered on conventional e-commerce websites, equivalent to Lazada, to assist manufacturers attain broader audiences.
Taproot Wizards, a Bitcoin Ordinals mission impressed by a traditional Bitcoin wizard meme, raised $7.5 million in funding led by Normal Crypto. The mission, with a restricted mint of two,121 wizards NFT honoring Bitcoin’s 21 million provide restrict, has inscribed 99.3% of its whole however distributed lower than 1%.
![](https://nftplazas.com/wp-content/uploads/2023/12/13.png)
Bitcoin-focused Ordinals initiatives are fairly a hype just lately. Taproot Wizards co-founder Udi Wertheimer mentioned they’re conserving launch schedules underneath wraps to maintain curiosity over time. “We need to discover individuals on a mission, not these targeted on JPEGs”, he mentioned.
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Knowledge consists of:
- Blockchains: Ethereum, Polygon, BNB Chain, Cronos, Optimism
- Marketplaces: OpenSea, LooksRare, Blur, X2Y2, Cryptopunks, Rarible, SuperRare, Basis, Decentraland, Aavegotchi, Aspect, Era7, the Sandbox, Minted
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