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<p class="is-style-lead">A new research report from Binance highlights that the NFT market experienced an upswing in November, marking a turnaround from its year-long downturn with a sales volume of $0.91 billion.</p>
<p>These numbers highlight a 200% month-over-month increase, the most substantial growth seen in 2023 so far.&nbsp;</p>
<h2 class="wp-block-heading" id="bitcoin-nfts-dominate">Bitcoin NFTs dominate</h2>
<p>The&nbsp;<a target="_blank" href="https://www.binance.com/en/research/analysis/monthly-market-insights-2023-12" rel="noopener noreferrer nofollow">research report</a>&nbsp;shared with crypto.news on Dec. 4 points to indicators of this recovery, including Nansen’s NFT-500 Index and the Blue Chip 10 Index, showing reduced year-to-date declines at 49% and 43%, respectively, showcasing improvement from the previous month’s 58% and 50%.</p>
<p>Binance also attributes the resurgence in NFT sales to the prominence of Bitcoin NFTs. The $SATS collection, featuring individual satoshis with unique identifiers, is among the standouts with 1,039% month-over-month growth in sales volume, surging to $93 million.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/buterin-nft-collection-surge-ethereum-gas-fees/" rel="noopener noreferrer nofollow"> Vitalik Buterin NFT collection triggers surge in Ethereum gas fees </a></p>
<p>This figure is said to outshine the sales volumes of other prominent NFT collections, including Bored Ape Yacht Club at $42 million and CryptoPunks at $29 million.</p>
<h2 class="wp-block-heading" id="a-larger-upward-trajectory">A larger upward trajectory</h2>
<p>The report, which looks at several industry trends, also states that November witnessed a sustained upward trajectory in the crypto market, marked by an 11% month-on-month surge in total market capitalization.&nbsp;</p>
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<p>Additionally, the defi sector continued its expansion, maintaining the positive trend observed in October, and recorded a noteworthy 10% month-on-month increase in Total Value Locked (TVL) during November. In contrast to the beginning of the year, these numbers show that investor sentiment is likely to take a turn for the better.</p>
<p>Read more: <a href="https://crypto.news/nfts-will-remain-a-permanent-fixture-in-society-opinion/" rel="noopener noreferrer nofollow"> NFTs will remain a permanent fixture in society | Opinion </a></p>

Binance Research: NFTs witnessed turnaround in November, reversing year long downward trend

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