18/11/2024 NFTs weekly sales surge 94% as crypto market continues bullish run

The Ethereum network led the week with $67 million in NFT sales, while Bitcoin-based NFTs recorded $60 million in sales over the last seven days.

NFTs weekly sales surge 94% as crypto market continues bullish run

The Ethereum network led the week with $67 million in NFT sales, while Bitcoin-based NFTs recorded $60 million in sales over the last seven days.

Non-fungible tokens saw a weekly sales volume of $181 million, fueled by significant gains in Bitcoin and other cryptocurrency markets.

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On Nov. 17, digital collectible data tracker CryptoSlamshowedthat NFTs recorded a sales volume of $181 million over the last seven days. The data shows a 94% increase compared to the week before, when NFTs only had a $93 million weekly sales volume.

Top blockchains by sales volume in the last seven days. Source: CryptoSlam

Ethereum led all blockchains with $67 million in NFT sales for the week, a 111% increase from the previous week. Bitcoin followed closely, registering $60 million in NFT sales — a 115% week-over-week surge.

Meanwhile, Solana, Mythos Chain, Immutable, Polygon and BNB Chain collectively recorded a weekly sales volume of $45.5 million.

In addition to rising sales volumes, the average value of an NFT transaction grew substantially. Over the past week, the average NFT sale was valued at $133.08, an 87% jump from the prior 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 collectiblesrecorded $356 million in sales, up 18% from September when NFTs hit a record monthly low of about $300 million. This breaks a seven-month downturn for digital collectibles.

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 daysafter 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.

Arts

https://cointelegraph.com/news/nft-weekly-sales-crypto-market-surge

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