NFT Minting Reaches $1.5B ATH: Is a New Market Surge Coming?

NFT minting hit an all-time high of $1.5 billion in November 2024, with 97% of the volume processed on Base, the largest Ethereum Layer 2 platform. This surge reflects a revival in the NFT market, but can it mirror the peak of 2021-2022?

*Key Highlights:*

- Base dominates NFT minting with 97% market share
- NFT market cap peaked at $652 billion in May 2022, but has since declined
- Recent data indicates a plateau, with modest recoveries rather than a full resurgence
- New developments could drive periodic increases in activity, suggesting possible growth

*Top NFT Collections on Base:*

- Oracle Patron NFT: 113,231% surge in the last 30 days
- Chonks: 16,181% price increase
- GENESIS by PlayerZero: 13,987% price increase

While the NFT market shows signs of recovery, it remains far from its 2021-2022 highs, indicating cautious optimism in the recovery phase.