NFT Minting Surge in November 2024

NFT minting reached an all-time high of $1.5 billion in November 2024, with a staggering 97% of that volume processed on Base. This surge indicated a potential revival in the NFT market, raising questions about whether it can replicate the highs of 2021-2022.

The significant adoption of Base for NFT minting highlights its role in nurturing major NFT projects, suggesting that there could still be room for market growth, albeit not to previous levels. Base may be a catalyst for the next wave of prominent NFT ventures, possibly ushering in a fresh era of enthusiasm and investment in digital assets.

Why NFTs on Base?

Base has emerged as the leading Ethereum L2 platform, with more than 4,287 developers engaging on the network, making it the primary hub for NFT minting. This developer activity signifies a supportive ecosystem crucial for expanding and innovating the NFT market.

As more companies adopt Base, akin to Coinbase’s strategy, the quality and accessibility of NFTs are poised for improvement. This shift may set the stage for another NFT market surge driven by technological advancement and utility in 2025 and beyond.

Top Collections by Market Cap

The total NFT market cap peaked at over $652 billion in May 2022 but fell sharply to around $33.6 billion afterward. Sales volume followed suit, hitting a high of $148 billion before declining. Currently, total sales have stabilized at lower levels, leading to doubts about the NFT market’s ability to return to its peak.

Recent data indicates a plateau, with modest recoveries but no complete resurgence. New developments may spark periodic increases in activity, suggesting potential growth without a return to former heights.

The Base NFT market reached its peak in September 2023, near $12 billion, before swiftly declining to approximately $678 million. Sales volume spiked to $672 million, showcasing brief activity before gradually tapering.

Despite volatility indicating uncertainty about revisiting 2021/22 highs, cautious optimism prevails in the recovery phase. The top NFT collection by gains in the last 30 days was ‘Oracle Patron NFT’, which saw a 113,231% surge with a volume of 1,132 ETH, followed by ‘Chonks’ and ‘GENESIS by PlayerZero’ with increases of 16,181% and 13,987%, respectively. Overall, the market remains far from its former heights.