Activity on major NFT marketplaces like OpenSea, Blur, and Magic Eden has surged since November, marking a notable recovery in the NFT market, according to a Galaxy Research report.

NFTs, which serve as digital proof of ownership for both virtual and physical assets, had faced declining trading volumes throughout the year. However, the trend began to shift in November, buoyed by post-election optimism and a rally in the broader cryptocurrency market.

Weekly trading volumes surpassed $100 million in early November for the first time since May, peaking at $172 million by December 2, the report revealed.

“This rebound is largely attributed to increased engagement within the top 25 collections by market cap,” noted analyst Gabe Parker. Over the past month, Blur captured 60% of total trading volumes, while OpenSea accounted for 27%, underscoring their dominance in the space.

Pudgy Penguins emerged as a standout, with its ecosystem leading the charge. The floor prices for its Pudgy Penguins and Lil Pudgys collections soared by 206% and 265%, respectively, demonstrating strong market interest.