NFT Sales Jump 94% Amid Crypto Rally
The Ethereum network topped the week with $67 million in NFT sales, while Bitcoin-based NFTs saw $60 million over the past seven days.
Weekly sales of non-fungible tokens were $181 million, driven by notable increases in the prices of Bitcoin and other cryptocurrencies.
The digital collectible statistics tracker CryptoSlam revealed on November 17 that NFTs have made $181 million in sales in the previous seven days.
According to the data, NFTs’ weekly sales volume increased by 94% from the previous week, when it was only $93 million.
With $67 million in NFT sales for the week—a 111% rise over the previous week—Ethereum led all blockchains.
Bitcoin came in second with NFT sales of $60 million, up 115% from the last week.
In the meantime, a combined weekly sales volume of $45.5 million was reported by Solana, Mythos Chain, Immutable, Polygon, and BNB Chain.
The average value of an NFT transaction increased significantly along with sales volumes.
The average NFT sale during the last week was $133.08, which is an 87% increase over the previous week’s $71.11.
The market’s recovery coincided with the weekly NFT sales volume spike, ending the downward trend in the monthly sales charts.
NFTs saw a record monthly low of roughly $300 million in September, but sales of digital collectibles increased 18% to $356 million in October.
This ended a decline in digital collectibles that lasted seven months.
In addition to sales numbers, October saw a rise in NFT transactions. 7.2 million NFT transactions were made throughout the month, a 42% increase over the previous month.
A bullish trend in the larger cryptocurrency markets coincides with the spike in NFT sales volumes.
Bitcoin led the surge in cryptocurrency markets in the days following the US elections.
Bitcoin hit a new all-time high of $93,477 on November 13. With a market valuation of $1.8 trillion, the asset is now trading for about $91,000.
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