December Monthly NFT Report with Footprint Analytics

In December, the NFT market boomed with rising trading volumes and an increase in the number of unique users. Discover the market’s detailed insights in our December monthly NFT report, created in partnership with Footprint Analytics.

December saw a notable surge in the crypto and NFT world, with Bitcoin and Ethereum experiencing significant upward trends, indicating a rejuvenated market. The NFT sector in particular demonstrated its vitality with rising trading volumes and an increase in the number of unique users (wallets), indicative of an evolving and maturing landscape.

This report is based on data from Footprint Analytics’ NFT research page, an extensive and user-friendly dashboard. It provides up-to-date stats and statistics essential for understanding the pulse of the NFT industry, covering transactions, projects, financing and more.

Key points

Crypto macro overview

• December was a month of resilience for Bitcoin, starting at $37,729 and rising 11.8% to end at $42,171.
• This optimism, coupled with expected rate cuts from the US Federal Reserve, boosted investor confidence, positively impacting the cryptocurrency sector.

NFT Market Overview

• December was a remarkable month, marked by a significant increase in trading volume of 32.3% to $852.2 million.
• The market cap of NFTs also showed resilience, starting at $5.24 billion and growing 6.5% to $5.58 billion.
• The Blue Chip Index rose modestly by 4.6%.

Chains and marketplaces for NFTs

• Several trends in blockchain network engagement were observed in December: Ethereum’s user base grew by 10.9%, Polygon’s by 19.2%, BNB Chain saw a 41.8% increase, and Sui’s user base grew doubled.
• NFT market volume in 2023 totaled $13.12 billion, down from last year’s high. Ethereum’s market dominance has declined slightly to 97.8%, down from 99.8% in 2022, indicating gradual diversification in the market.
• In 2023, the annual volume performance of major NFT marketplaces showed notable shifts from the previous year. Blur achieved a remarkable annual volume of $7.26 billion, a jump from $646.03 million in 2022.

NFT Investments and Financing

• December was a busy month in the NFT market, marked by five funding rounds that raised a total of $159.88 million.
• LINE NEXT increases $140 million to expand the Web3 ecosystem.

What’s new?

• Ubisoft is introducing “Warlord NFTs” ahead of the highly anticipated release of “Champions Tactics: Grimoria Chronicles” scheduled for 2024.
• Forbes Web 3.0 Launches Collective NFT Wallet.
• Animoca Brands is raising an additional $11.88 million in the second tranche of funding for Mocaverse.
• Magic Eden integrates the NFT marketplace into the blockchain strategy game Honeyland.

Crypto macro overview

December was a month of resilience for Bitcoin, starting at $37,729 and rising 11.8% to end at $42,171. Ethereum mirrored this increase, opening at $2,052 and escalating 11.7% to end at $2,293.

The month also witnessed bullish sentiment in global equity markets in the US, India, Japan, France and Germany. This optimism and expected interest rate cuts from the US Federal Reserve boosted investor confidence, which had a positive impact on the cryptocurrency sector. Furthermore, the expected approval of a spot Bitcoin ETF in the US and Hong Kong’s willingness for spot crypto ETF applications contributed to this bullish mood. These developments indicate an increasing alignment between traditional financial markets and the crypto ecosystem.

NFT Market Overview

December was a remarkable month, marked by a significant increase in trading volume of 32.3% to $852.2 million. The number of transactions rose 29.4% to 1,384,729, while unique user wallets rose 21.4% to 297,432.

The market cap of NFTs also showed resilience, starting at $5.24 billion and growing 6.5% to $5.58 billion.

The buyer-seller ratio in the NFT market reached a remarkable 102.1%, up 1.45% from November, with 180,232 buyers (up 22.7%) and 176,607 sellers (up 21. 0%).

The Blue Chip Index also saw a modest increase of 4.6%.

Key insights from Footprint Analytics highlighted notable growth for Pudgy Penguins and Mocaverse in December. Pudgy penguinsThe floor price increased by 64.4%, from 6.46 ETH to 10.62 ETH, while MocaversThe company’s floor price increased by 51.6%, from 2.23 ETH to 3.38 ETH. Additionally, Animoca brands raised an additional $11.88 million for Mocaverse in December, following a $20 million investment in September 2023.

Chains and marketplaces for NFTs

In December, Ethereum was highlighted as the leader in the NFT market with a substantial trading volume of $836.1 million, accounting for 98.1% of the total market activity, a notable increase of 31.8% from November.

This month’s data revealed several trends in user engagement in blockchain networks. Ethereum continued its upward trend, growing its number of unique users to 155.74k, up 10.9% from November. Polygon’s user count rose 19.2% to 109.65,000, recovering from the previous decline. BNB Chain also recovered to reach 23.83k users, up 41.8%, although still short of the July peak. Sui doubled the November figure, rising to 18.47k users.

More broadly, NFT market volume reached $13.12 billion in 2023, down from last year’s high. Ethereum’s market dominance has declined slightly to 97.8%, down from 99.8% in 2022, indicating gradual diversification in the market.

Polygon led the unique user count in 2023 with a remarkable increase of 231.0%, reaching 1.28 million users. Ethereum saw a 45.2% drop to 1.19 million users, reflecting a shift in user preferences between chains. BNB Chain’s user base grew to 0.35 million, an increase of 280.7% from 2022.

Market dynamics in December showed significant shifts. Blur’s trading volume grew 45.4% to $620.82 million, while OpenSea’s volume rose 25.2% to $186.97 million. However, X2Y2 saw a volume decline of 32.0%.

Additionally, OpenSea’s number of unique users increased 14.02% to 232,702 in December, confirming OpenSea’s leadership. Blur and Element also reported growth in unique users of 18.99% and 18.58% respectively.

In 2023, the annual volume performance of major NFT marketplaces showed notable shifts from the previous year. Blur achieved a remarkable annual volume of $7.26 billion, a jump from $646.03 million in 2022. OpenSea, despite a volume drop from $20.91 billion to $3.31 billion, remained influential.

OpenSea’s unique user count fell slightly, while Blur’s user base rose 189.78% to 291,579, signaling a rapid rise in the NFT market.

NFT Investments and Financing

December was a busy month in the NFT market, marked by five funding rounds that raised a total of $159.88 million.

As we bid farewell to 2023, the resilience and dynamic evolution of the NFT market heralds a transformative year for 2024. NFTs are quickly moving beyond traditional collecting and increasingly serve as a medium to represent customer identity, by combining digital with physical realities and co-creation of users. This evolution marks a clear path to broader mainstream adoption. The growing diversity in user participation and the rise of advanced platforms are shaping a richly layered and versatile NFT ecosystem, poised for continued innovation and growth.

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Data includes:

• Blockchains: Ethereum, Polygon, BNB Chain, Cronos, Optimism, Sui
• Marketplaces: OpenSea, LooksRare, Blur, X2Y2, Cryptopunks, Rarible, SuperRare, Foundation, Decentraland, Aavegotchi, Element, Era7, the Sandbox, Minted, Clutchy, BlueMove, Hyperspace, Tocen, And Memory.

View Footprint Analytics >> here

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational materials only. Individuals are required to fully research any product before making any form of investment.