The non-fungible token (NFT) market is showing signs of recovery, as highlighted in a report by Galaxy Research.

Key Insights:

• The NFT market has been rebounding since the U.S. presidential elections in November, with trading volumes exceeding $172 million.
• Major NFT marketplaces, including OpenSea, Blur, and Magic Eden, have all experienced increased activity.

NFTs, or digital assets on a blockchain representing ownership of virtual or physical items, are being actively sold and traded once again.

The report notes that NFT trading volumes, which had been declining throughout the year, showed a positive turnaround following the November elections and a crypto market rally. Notably, weekly NFT trading volumes surpassed $100 million in early November for the first time since May, hitting $172 million on December 2.

Analyst Gabe Parker commented, "This resurgence has been primarily driven by increased activity among the top 25 collections by market cap."

Moreover, Blur and OpenSea accounted for 60% and 27% of the total trading volume over the past month, respectively. Collections tied to the Pudgy Penguins ecosystem have particularly thrived, with floor prices increasing by 206% and 265% for Pudgy Penguins and Lil Pudgys, respectively.

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