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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 <a rel="noopener noreferrer nofollow" title="turnaround" href="https://thebittimes.com/tag/turnaround.html">turnaround</a> 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;research report&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>
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 <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 <a rel="noopener noreferrer nofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a>s, also states that November <a rel="noopener noreferrer nofollow" title="witnessed" href="https://thebittimes.com/tag/witnessed.html">witnessed</a> 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 <a rel="noopener noreferrer nofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a> 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>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> NFTs will remain a permanent fixture in society | Opinion
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-research-nfts-witnessed-turnaround-in-november-reversing-year-long-downward-trend-tbt72562.html">https://thebittimes.com/binance-research-nfts-witnessed-turnaround-in-november-reversing-year-long-downward-trend-tbt72562.html</a></p>

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

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