The Ethereum network led the week with $67 million in NFT sales, while Bitcoin-based NFTs recorded $60 million in sales over the past seven days.
Non-fungible tokens recorded a weekly turnover of $181 million, driven by significant gains in Bitcoin and other cryptocurrency markets.
On Nov. 17, digital collectibles data tracker CryptoSlam showed that NFTs saw $181 million in sales volume over the past seven days. The data shows a 94% increase compared to the previous week, when NFTs only had a weekly sales volume of $93 million.
Ethereum led all blockchains with $67 million in NFT sales for the week, a 111% increase from the previous week. Bitcoin followed closely behind, recording $60 million in NFT sales, a 115% increase on the week-over-week basis.
Meanwhile, Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively recorded a weekly sales volume of $45.5 million.
In addition to the increase in sales volume, the average value of an NFT transaction grew substantially. Over the past week, the average NFT sale was valued at $133.08, which is an 87% increase from $71.11 the week before.
NFT sales momentum continues
The surge in weekly NFT sales volume comes at a time when the market has seen a resurgence, breaking its downward trend on the monthly sales charts.
In October, digital collectibles recorded $356 million in sales, up 18% from September, when NFTs hit a record monthly low of about $300 million. This breaks a seven-month losing streak for digital collectibles.
Aside from sales volume, NFT transactions also increased in October. The total number of NFT transactions in the month reached 7.2 million, up 42% from the previous month.
NFT bullish momentum comes amid a cryptocurrency market rally
The surge in NFT sales volumes comes amid bullish momentum in the broader cryptocurrency markets. In the days following the US election, cryptocurrency markets surged, with Bitcoin leading the way.
On November 13, Bitcoin hit a new all-time high of $93,477. At the time of writing, the asset is trading around $91,000, with a market cap of $1.8 trillion.
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