The NFT market has experienced a significant rebound in November, with monthly sales volumes reaching $562 million. This marks a 57% increase from the previous month, making it the highest sales figure in six months. Despite this growth, the NFT market is still far from its peak earlier in the year when sales surged to $1.6 billion in March 2024.
CryptoPunks Sees Rising Floor Prices
Alongside the market growth, the iconic NFT collection CryptoPunks has also seen impressive results. The floor price for CryptoPunks surged from approximately 26 ETH ($3,692.25) at the start of November to nearly 40 ETH by the end of the month, signaling renewed interest in premium NFTs as the market gains momentum.
Nike to End RTFKT NFT Wearables Project
In a surprising move, Nike has announced that it will be winding down the operations of its NFT wearables project, RTFKT, in January 2025. Acquired by Nike in 2021 at the height of the NFT craze, RTFKT was known for its digital sneakers and collaborations in the NFT space. Despite its closure, RTFKT plans to release one final NFT collection before its operations cease.
The project, which raised around $8 million from investors like Andreessen Horowitz, was a pioneer in blending fashion and NFTs. However, as the NFT market faces challenges, Nike is shifting its focus away from RTFKT’s NFT wearables, though the company has not yet revealed how it plans to continue integrating NFTs into its brand.
Yuga Labs Acquires Tokenproof’s Tech Team
In another significant development in the NFT world, Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFTs, has acquired the tech team behind Tokenproof. Tokenproof provides a Web3 tokenization service that helps verify NFT ownership in the physical world.
The acquisition, announced on December 3, strengthens Yuga Labs’ research and development efforts as the company continues to innovate in the NFT space. Tokenproof’s tech team will now contribute to Yuga Labs’ ongoing NFT projects, which may include new ways to bridge the gap between digital and physical assets.
Key Takeaways
- NFT sales reached $562 million in November, marking a 57% increase from the previous month.
- CryptoPunks’ floor price rose significantly, reaching almost 40 ETH by the end of November.
- Nike’s RTFKT project, which specializes in NFT sneakers and wearables, will close in January 2025, with one last collection scheduled for release.
- Yuga Labs acquired Tokenproof’s tech team to enhance its research and development division in the NFT space.
