Weekly NFT sales hit $181M as Bitcoin and Ethereum lead the charge in a bullish crypto market.
NFT Sales See Massive Growth
Non-fungible tokens (NFTs) experienced a remarkable surge in sales, with weekly volume reaching $181 million — a 94% jump from the previous week. Data from CryptoSlam on Nov. 17 revealed that this growth was fueled by significant activity on the Ethereum and Bitcoin networks.
Ethereum and Bitcoin Lead the NFT Market
Ethereum led the pack with $67 million in sales, reflecting a 111% increase compared to the previous week. Bitcoin NFTs followed closely, recording $60 million in sales — a 115% week-over-week surge. Together, these blockchains accounted for the majority of the week’s NFT sales volume.
Other Blockchains Join the Growth
Other blockchain platforms also saw increased activity. Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively recorded $45.5 million in sales during the week, further contributing to the NFT market’s resurgence.
Average NFT Transaction Value Rises Sharply
The average value of a transaction rose significantly, reaching $133.08. This marks an 87% increase compared to the previous week’s average of $71.11, showcasing growing demand and confidence in the market.
Breaking a Prolonged Downturn
October marked a turning point for the non-fungible token market, with monthly sales reaching $356 million, up 18% from September. This broke a seven-month streak of declining sales. Additionally, October saw a 42% increase in NFT transactions, with the total count reaching 7.2 million.
Crypto Rally Boosts NFT Momentum
The bullish sentiment in the non-fungible token market aligns with broader trends in the cryptocurrency sector. Bitcoin recently hit an all-time high of $93,477 on Nov. 13, fueling optimism across the crypto ecosystem. As Bitcoin currently trades near $91,000, its momentum has positively impacted associated markets.
Looking Ahead for NFTs
The recent uptick in sales and transaction volumes signals renewed interest in NFTs. With the crypto market on a bullish run, NFTs appear to be reclaiming their position as a vibrant and integral part of the digital economy.
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