According to data from DappRadar, the leading decentralized app store, the NFT market rebounded in November 2024, experiencing a 22% surge in trading volume. The platform noted that the market’s trading volume reached $698 million, a significant recovery after months of stagnation.
However, this renewed rise in trading volume coincided with an 11% decline in NFT sales, suggesting a shift toward more valuable collectibles rather than a broader increase in trading activity. Sara Gherghelas, DappRadar’s analyst, credited the expansion to interest in “blue-chip” NFT collections—like those from Yuga Labs.
Gherghelas stated that improved liquidity increased collectors’ confidence in NFTs as speculative assets and cultural commodities.
Blue-Chip Collections Drive NFT Market Growth
While the number of sales fell, the average transaction price soared, suggesting that collectors focused on higher-value NFTs. This trend signals a shift in market behavior, where fewer but more valuable transactions occur.
In November, the NFT market value also rose, reaching $8.8 billion, with daily trading volume across all chains increasing by nearly 50%. Collections like CryptoPunks and Bored Ape Yacht Club (BAYC) recorded significant gains.
CryptoPunks experienced a 392% increase in trading volume. BAYC, another key collection, saw its floor price surge by 75.79% week-on-week, reaching a new high of $79,727.
These strong performances highlight the dominance of high-quality digital collectibles in driving the NFT market growth.
Ethereum Dominates the NFT Market
Ethereum continues to lead the NFT market in trading volume, while Polygon has emerged as the leader in the number of NFT sales. The rise of newer marketplaces, such as Blur, which has surpassed OpenSea in trading volume, further underscores the evolving NFT ecosystem.
Gherghelas noted that the increased liquidity and growing market confidence are essential for sustaining the recovery in the coming months. The resurgence in trading volume, combined with the rise in the value of blue-chip collections, suggests that the NFT market is stabilizing and becoming more mature.
STEPN GO Teams up with Adidas for New NFT Collections
Meanwhile, STEPN GO has teamed with Adidas to offer a second original NFT collection with 1,000 jointly branded Genesis Sneakers. The partnership aims to reignite interest in STEPN’s fitness-driven Web3 platform, which allows users to earn Go Gaming Tokens (GGT).
This move marks a continuation of their collaboration following the success of their first Genesis Sneakers in April 2024. FSL’s NFT marketplace, MOOAR, is selling the new Genesis Sneakers collection through a raffle.
The collection includes four distinct sneaker designs: Ultraboost 5X, adiZero Adios Pro 3, Supernova Rise, and adiStar BYD. Each sneaker design has unique benefits for users within the STEPN ecosystem, tying the digital collectibles to fitness incentives.
A Strategic Move
This NFT partnership reinforces Adidas’s strategy to explore wearable tech and digital collectibles in the Web3 space. The company highlighted that this partnership furthers its exploration of digital wearables and reinforces Adidas’ dedication to the Web3 lifestyle.
STEPN GO, a platform combining fitness with Game-Fi elements, is looking to regain market momentum after facing significant setbacks. Analysts from gaming research firm NAAVIK revealed that allegations of “Ponzinomics” overshadowed the platform’s early success, resulting in a sharp decline in users.
Furthermore, China banned STEPN GO, which severely impacted its market presence. Nevertheless, STEPN GO has restructured its economic model to rebuild its user base and reintegrate into the NFT space.
Challenges in the NFT Market
While the NFT market faces increasing regulatory scrutiny, the launch of this new sneaker collection demonstrates STEPN GO’s commitment to adapting to changes in this market. Recent data indicate that 96% of NFT projects have failed, causing increased scrutiny from the US Securities and Exchange Commission (SEC).
Despite these challenges, the new Adidas-NFT collection could help STEPN GO reclaim and maintain its leading market share over the long term.
