Galaxy Research: Signs of recovery are emerging in the NFT market, with about 90% of transactions occurring on Blur and OpenSea platforms

On December 18, Galaxy Research stated in a report on Monday that the non-fungible token (NFT) market is showing signs of recovery.

The data cited in the report shows that for most of this year, NFT trading volume has been declining. However, with the U.S. election and subsequent rebound in the cryptocurrency market, trading volume began to reverse in November. In early November, weekly NFT trading volume exceeded $100 million for the first time since May and reached $172 million on December 2.

Analyst Gabe Parker wrote: This recovery is mainly driven by increased activity from top 25 NFT collectibles by market value. Participation has also increased in major markets such as OpenSea, Blur and Magic Eden. Among them, Blur and OpenSea accounted for 60% and 27% of total trading volume respectively over the past 30 days.