Non-fungible tokens recorded a weekly sales volume of $181 million, as Bitcoin and other crypto assets recorded massive gains.
On Nov. 17, digital collectible data tracker CryptoSlam showed that NFTs recorded a sales volume of $181 million in the last seven days. The record shows a 94% increase compared to last week when NFTs only had a $93 million weekly sales volume.
Top blockchains by sales volume in the last seven days. Source: CryptoSlam
The Ethereum network led the week with a $67 million sales volume, a 111% increase compared to last week. The Bitcoin blockchain had $60 million in NFT sales in the last seven days, a 115% increase compared to last week.
Meanwhile, Solana, Mythos Chain, Immutable, Polygon and BNB Chain collectively recorded a weekly sales volume of $45.5 million.
In addition to the surge in sales volumes, the average value of an NFT sale also increased. In the last seven days, the average value of an NFT sale shot up to $133.08. This marks an 87% increase compared to last week’s $71.11.
NFTs continue sales momentum
The surge in weekly NFT sales volume comes as the market saw a resurgence, breaking its downturn in the monthly sales charts.
In October, digital collectibles recorded $356 million in sales. This represents an 18% increase compared to September, when NFTs hit a record monthly low of about $300 million. This breaks a seven-month downturn for digital collectibles.
Since March 2024, when NFTs recorded a $1.6 billion volume, digital collectible sales went down consistently until October.
Apart from sales volumes, NFT transactions also increased in October. The total transaction count for NFTs in the month reached 7.2 million, a 42% increase compared to the previous month.
NFT’s bullish momentum comes amid a crypto market surge
The surge in NFT sales volumes comes amid a bullish momentum in the broader crypto markets. In the days after the United States elections, crypto markets rallied, with Bitcoin leading the charge.
On Nov. 13, Bitcoin reached a new all-time high of $93,477. At the time of writing, the asset trades at around $91,000 with a market capitalization of $1.8 trillion.
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