NFT Market Turns Upward Despite Crypto Price Weakness, Pudgy Penguins Bounce Back

Even though the broader crypto market cap has contracted to $3.3 trillion from last week's $3.5 trillion market cap, the NFT market has turned positive.

The non-fungible token (NFT) market has seen an uptick in activity over the past week, despite a broader downturn in the cryptocurrency market.

According to data from CryptoSlam, NFT sales volume has climbed 10.70% to $155.4 million this week. The rise in total sales comes alongside a notable drop in market participants, suggesting larger trades from fewer buyers.

“The NFT market has turned upward despite crypto price weakness, with Bitcoin (BTC) falling 3% to $94,000 and Ethereum (ETH) dropping sharply by 9% to $3,200,” the report stated.

Even though the broader crypto market cap has contracted to $3.3 trillion from last week’s $3.5 trillion market cap, the NFT market has turned positive.

Here's a look at the key NFT trends for the week of Dec. 12:

Blockchain networks show mixed results

– Ethereum (ETH) NFT sales grew 13.09% to $61.9 million, though buyer numbers fell 65.62% to 24,836. Wash trading on the network increased 76.73% to $25.1 million.

– Bitcoin (BTC) NFTs saw modest growth, with sales up 1.97% to $30.8 million. The network’s buyer count dropped 87.15% to 8,665.

– Solana (SOL) moved up with $20.1 million in sales, rising 9.96%. Mythos Chain held fourth place with $12.4 million, up 4.39%. Base entered the top five with $8.4 million, jumping 211.18% in sales.

Pudy Penguins bounce back

– Pudgy Penguins enjoyed $9.2 million in sales, up 82.32%. The recovery brought more activity, with transactions up 50.70% and buyers increasing 67.39%.

– BRC-20 NFTs took second place with $8.2 million, growing 40.78%. DMarket kept steady in third with $7.2 million, up 8.06%, and maintaining high volume with 282,071 transactions.

– Guild of Guardians Heroes fell 11.17% to $5.1 million, while Azuki dropped to fifth place with $4.0 million, down 56.58%.

Top sales this week included:

– A Bored Ape Yacht Club NFT was sold for 888 ETH ($3.4 million) on Dec. 15.

– A Cryptopunk NFT was sold for 245 ETH ($933,000) on Dec. 14.

– A Pudgy Penguin NFT was sold for 195 SOL ($100,000) on Dec. 13.

The NFT market has found some stability with rising sales volume, even as participation stays limited.