NFTs just had their best week in a long time. Total sales volume hit $181 million over the past seven days, up from $93 million the week before. That’s a 94% jump in just one week, according to data from CryptoSlam.
The crypto bull run evidently lit a fire under digital collectibles, and every major blockchain wanted a piece of the action.
Ethereum leads and Bitcoin follows in NFTs market
Ethereum dominated the leaderboard with $67 million in sales. That’s a 111% spike compared to the prior week. Bitcoin came in strong too, with $60 million in NFT sales, climbing 115%. Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively made up the rest of the action, pulling in $45.5 million.
Oh, and the average price of an NFT? It’s up to $133.08, from $71.11. That’s an 87% increase each. For years, Bitcoin wasn’t even a contender in the NFT space. That changed with Ordinals. Now, Bitcoin-based NFTs are serious business.
As for smaller blockchains, Solana, Mythos Chain, Immutable, Polygon, and BNB Chain teamed up to collectively rake in $45.5 million.
There’s a bit of context to be noted here. NFTs had a brutal year all around. As of October, weekly trading volumes were down 90% from their 2021 peaks. The speculative gold rush of the early NFT boom had dried up, leaving almost 99% of all NFTs essentially worthless by early 2023.
Oversaturation played a huge role here. Too many projects, too fast. The market was flooded with low-quality, copycat collections that turned off buyers.
Even as user numbers climbed to an estimated 13.95 million, engagement lagged behind. Why? Many early adopters left the market after losing money or interest.
On top of that, broader economic issues are weighing on speculative investments. Inflation, tighter fiscal policies, and a general economic slowdown mean less disposable income for risky bets like NFTs. Investors are getting cautious, and that could slow down the momentum, even in a bull run as outstanding as this one.
