December ‘24 NFT Marketplace Recap

December 2024 saw a significant spike in NFT trading volumes, which surged by 267.1% month-over-month (MoM). This spike was the result of the increased trading activity that came with the airdrop of the PENGU tokens to the Pudgy Penguin community, which included the Pudgy Penguins, Lil Pudgys and Pudgy Rods. Although we have witnessed a continuous uptrend in NFT trading activity, the spikes in November and December 2024 are due to one-off events and may not accurately reflect the overall sentiment of the NFT space.

The two largest Ethereum NFT marketplaces, Blur and OpenSea, captured most of the increased trading volumes, especially since all three collections of the Pudgy Penguins franchise were deployed on Ethereum. Cumulatively, the Pudgy collection contributed over $419 million in trading volume.