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.

It's fascinating to see NFT minting hit such a high again, especially with Base's dominance. The 97% market share is a strong indicator of its potential. However, the cautious optimism is wise; the market's fluctuations remind us of its volatility. I'm curious to see how upcoming developments will influence this trajectory. Do you think new innovations in NFTs could spark another surge like we saw in 2021-2022?