NFTs Surge Back: Market Activity Reaches $172M Weekly as Galaxy Research Confirms Revival

The non-fungible token market is experiencing renewed momentum after a challenging year. According to Galaxy Research’s latest analysis, NFTs have staged a meaningful recovery, with trading activity accelerating significantly in recent months. This resurgence reflects renewed investor interest in digital assets and represents a notable turning point for a sector that had been declining through much of 2024.

Trading Activity Rebounds Across Major Marketplaces

Weekly trading volumes for NFTs have climbed substantially, reaching $172 million in early December 2024—a milestone not seen since May of that year. The rebound demonstrates that multiple platforms are capturing renewed engagement. Leading marketplaces including OpenSea, Blur, and Magic Eden have all reported increased activity over recent weeks.

According to Galaxy Research analyst Gabe Parker, the recovery has been concentrated among top-tier collections by market capitalization. Over the trailing 30-day period, Blur and OpenSea dominated trading volume, accounting for 60% and 27% of total activity respectively, while Magic Eden and other platforms captured the remainder. This concentration suggests that sophisticated traders and collectors are driving the current momentum.

Pudgy Penguins Lead the Recovery Rally

Among NFT projects, Pudgy Penguins has emerged as a standout performer. The primary Pudgy Penguins collection saw floor prices surge 206% during the recovery period, while the companion Lil Pudgys collection gained 265%—demonstrating exceptional strength relative to the broader market. The ecosystem’s performance reflects both community engagement and speculative interest following the launch of the PENGU token, which debuted with a significant market valuation.

NFTs Navigate Broader Crypto Volatility

The NFT recovery coincided with a broader cryptocurrency rally. Bitcoin recently moved toward $68,570, while major altcoins including Ethereum ($2,080), Solana ($88.59), Dogecoin ($0.10), and Cardano ($0.30) participated in the market recovery. According to trading strategists at LMAX Group and FalconX, this recent price action reflects technical positioning adjustments rather than fundamental catalyst shifts, suggesting investors should remain cautious about sustainability.

Market observers note that key resistance levels around $72,000 and $78,000 for Bitcoin will be critical in determining whether current momentum signals a genuine structural uptrend or represents a temporary technical bounce. As funds rotate toward higher-volatility altcoins and options strategies, the NFT market’s performance will likely remain tied to broader cryptocurrency price action and investor risk appetite.