The non-fungible token (NFT) market is experiencing a major resurgence, with weekly sales volume hitting $181 million, marking a significant 94% increase from the previous week. This growth is attributed to bullish movements in the broader cryptocurrency market, with Bitcoin and other major digital assets driving the surge.
Key Insights: Weekly NFT Sales Volume Hits $181 Million
According to data from CryptoSlam, NFTs recorded a $181 million sales volume in the last seven days, a sharp increase from the $93 million seen the week prior. The data highlights a recovery in the digital collectible market after months of downturn.
The surge in sales volume can be attributed to Ethereum, which led all blockchains with $67 million in NFT sales — a 111% increase from the previous week. Bitcoin followed closely with $60 million in NFT sales, marking a 115% week-over-week surge. Other notable blockchains, such as Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively contributed $45.5 million in NFT sales for the week.
Rising Average Transaction Values
Along with the increase in sales volume, the average NFT transaction value also saw a substantial boost. Over the past week, the average price of an NFT sale rose to $133.08, an 87% increase from the previous week’s average of $71.11.
Source: CryptoSlam
NFTs Rebound in October After Downturn
The NFT market’s resurgence is not just limited to weekly sales. In October, digital collectibles recorded $356 million in sales, marking an 18% increase from September, which had seen a record low of $300 million. This marked the end of a seven-month downturn in NFT sales.
Additionally, NFT transactions in October surged, with a total of 7.2 million transactions, a 42% increase from the previous month.
NFT Market’s Surge Coincides with Bullish Crypto Momentum
The NFT market’s resurgence comes as the broader cryptocurrency markets are experiencing bullish momentum. After the U.S. elections, the crypto markets saw a rally, with Bitcoin leading the way. On November 13, Bitcoin reached a new all-time high of $93,477, and currently trades around $91,000, maintaining a market cap of $1.8 trillion.
What Does This Mean for NFT Investors?
- Increased Sales Volume: NFTs are seeing major gains in sales, with Ethereum and Bitcoin leading the way.
- Higher Transaction Values: The average price of NFTs is climbing, signaling a growing interest in digital collectibles.
- Bullish Momentum: The general crypto market’s bullish trend is likely to continue boosting the NFT market in the short term.
Key Takeaways:
- NFTs recorded a 94% increase in sales volume, reaching $181 million in one week.
- Ethereum and Bitcoin dominate the NFT sales landscape, with major gains in sales.
- Average transaction values rose by 87%, showing growing interest in NFTs.
- The crypto market surge is contributing to the rising NFT market momentum.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always conduct thorough research before investing in NFTs or cryptocurrencies.
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