TLDR
NFT weekly sales hit $181 million, up 94% from previous week’s $93 million
Ethereum led with $67 million in NFT sales, followed by Bitcoin at $60 million
Average NFT transaction value increased 87% to $133.08
October broke seven-month NFT sales downturn with $356 million total
Rising NFT sales coincide with broader crypto market rally, with Bitcoin at $91,000
The NFT (non-fungible token) market has recorded a remarkable recovery, with weekly sales volumes reaching $181 million, according to data from digital collectible tracker CryptoSlam.
This represents a 94% increase from the previous week’s $93 million in sales, marking a clear shift in market momentum.
Ethereum maintained its position as the leading blockchain for NFT trading, generating $67 million in sales over the past week. This represents a 111% increase compared to the previous week’s figures, demonstrating strong growth in the ecosystem’s most established NFT marketplace.
Bitcoin-based NFTs closely followed Ethereum’s performance, recording $60 million in weekly sales. The Bitcoin NFT market showed similar growth patterns with a 115% week-over-week increase, suggesting growing adoption of NFTs on the Bitcoin blockchain.
Other major blockchain networks also contributed to the overall market recovery. Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively achieved $45.5 million in weekly sales volume, indicating broad-based growth across the NFT ecosystem.
The average value per NFT transaction showed substantial growth during this period. Traders spent an average of $133.08 per NFT, representing an 87% increase from the previous week’s average of $71.11. This increase suggests renewed confidence among buyers in the NFT market.
October proved to be a turning point for the NFT market, breaking a seven-month downward trend. Monthly sales reached $356 million, showing an 18% improvement from September’s record low of approximately $300 million.
Transaction activity also showed strong growth in October, with the total number of NFT transactions reaching 7.2 million. This represents a 42% increase compared to September’s figures, indicating higher market participation and trading activity.
The market recovery extends beyond just sales volumes. The increased transaction count suggests broader participation in the NFT market, with more buyers and sellers actively trading digital collectibles across various blockchain platforms.
The timing of this NFT market recovery coincides with positive movements in the broader cryptocurrency market. Bitcoin, the leading cryptocurrency, reached new price levels during this period, trading around $91,000 with a market capitalization of $1.8 trillion.
The data shows that both Ethereum and Bitcoin NFT markets are experiencing similar growth patterns, suggesting that the recovery is not limited to a single blockchain ecosystem. This parallel growth indicates increased confidence across the entire NFT space.
The rise in average transaction values points to increased willingness among collectors to invest in higher-value NFTs. This trend suggests that buyers are becoming more comfortable with larger investments in digital assets.
Transaction data reveals that the NFT market recovery is happening across multiple price points, from more affordable NFTs to high-value digital collectibles. This broad-based recovery indicates participation from various types of buyers and collectors.
The October sales figures are particularly notable as they mark the first monthly increase after seven consecutive months of declining sales. This reversal suggests a potential shift in market sentiment toward NFT collecting and trading.
The increase in total transaction count, rising from September to October, shows that more users are engaging with NFT platforms. The 42% growth in transactions indicates increased market activity across all segments of the NFT ecosystem.
The latest weekly sales data of $181 million represents the current state of the market recovery, with both Ethereum and Bitcoin NFTs showing strong performance in terms of sales volume and transaction counts.
The post NFT Sales Volume Reaches $181 Million in Weekly Trading appeared first on Blockonomi.
