what happen?
NFT (non-fungible token) sales grew 94% in the past week, reaching $181 million.
Among them, Ethereum NFT achieved a sales volume of US$67 million, an increase of 111% from the previous week, firmly occupying the leading position.
Driven by the bull market in the cryptocurrency market, NFT sales have rebounded and the average price of a single transaction has also increased, making it a virtual asset that investors are paying attention to again.
NFT sales grew 94% in the past week
According to CryptoSlam, the NFT (non-fungible token) market generated $181 million in sales in the past week, a 94% increase from $93 million in the previous week.
Looking at each blockchain, Ethereum maintained its leadership position with a sales volume of US$67 million, an increase of 111% from the previous week; Bitcoin followed closely, with a transaction volume of US$60 million, an increase of 115%. The total sales of other blockchains such as Solana, Mythos Chain, Immutable, Polygon and BNB Chain also reached US$45.5 million.
In terms of series, the Ethereum blue-chip project CryptoPunks has sales of approximately US$23.8 million, the Bitcoin Puppets transaction volume of the Bitcoin ecosystem has reached US$6.3 million, and the well-known Boring Ape (BAYC) series has sales of US$4.9 million.
At the same time, the average price of a single NFT transaction has also increased, from US$71.11 two weeks ago to US$133.08, an increase of 87%. These data show that after the surge in cryptocurrency, the NFT market is also recovering.
The NFT market is picking up following the bull market in the currency circle
In the NFT market, sales have increased slightly in the past two months. In October this year, NFT monthly sales reached US$356 million, an increase of 18% from US$300 million in September, ending a seven-month market decline. In addition, the number of transactions has also rebounded, with the total transaction volume in October being 7.2 million, an increase of 42% from September.
However, although the recent growth has attracted attention, it is still a long way from the peak transaction scale of NFT in the past. According to CryptoSlam, in late August 2021, the NFT market’s single-week sales hit a record of US$2.2 billion.
Foreign media (Cointelegraph) pointed out that the recovery of the NFT market is related to the recent bull market won by the cryptocurrency market. After the U.S. election, the cryptocurrency market experienced an overall rise, with Bitcoin reaching $93,477 on November 13, and it currently remains at approximately Around US$90,000, with a market value of US$1.8 trillion.
Driven by the bull market in the cryptocurrency market, NFT sales have rebounded and the average price of a single transaction has also increased, making it a virtual asset that investors are paying attention to again. However, how long can this momentum be maintained? Is it really possible to recreate the "NFT Spring"? Everything remains to be seen.
Source: Dailycoin, Cointelegraph
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