The non-fungible token (NFT) and memecoin markets experienced modest rebounds over the past week, coinciding with a broader improvement in risk sentiment across the cryptocurrency space.
On Tuesday, CoinGecko data showed the global NFT market capitalization recovered from about $3.5 billion on Nov. 5 to $3.9 billion at the time of writing, an almost 12% increase in a week.
The story was similar for memecoins. CoinMarketCap data showed the combined valuation of memecoins expanded from $47 billion to $52 billion, representing a roughly 11% increase over the same time period.
The movements reflect a return of speculative appetite to the markets. Traders appear to be rotating back into higher-risk assets after weeks of subdued activity, even as macro uncertainty, driven by the unresolved US government funding deal, continues to loom.
The week’s bounce comes after a steep decline in the overall NFT market cap. As Cointelegraph previously reported, the global NFT market value dropped 46% from Oct. 5 through Nov. 5.
Seven-day global NFT market cap chart. Source: CoinGecko
Not all blue-chip NFTs recovered
Sales data tracker CryptoSlam shows that only a subset among the top 20 NFT collections logged meaningful sales increases.
The data showed that CryptoPunks experienced a 22.8% increase in seven-day sales, reaching nearly $3 million, while Mutant Ape Yacht Club and Milady Maker jumped 36.5% and 80%, respectively.
The Polygon-based Courtyard also increased by over 14%, while smaller Ethereum projects, such as Lil Pudgys, gained roughly 24%.
In contrast, major names like the Bored Ape Yacht Club (BAYC), Pudgy Penguins and Moonbirds continued to decline. BAYC’s sales dropped by 10.3% in the last week, while Pudgy Penguins and Moonbirds saw 23% and 2% declines, respectively.
Among the top 10 blockchains by NFT sales, a majority recorded sales volume losses ranging from 6% to 42%. However, three chains stood out during the week, which included BNB Chain (+53%), Polygon (+9.3%) and Flow (+43%).
The split in…
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