The world of Non-Fungible Tokens (NFTs) has experienced an incredible surge in sales, with weekly volumes spiking by a staggering 94%, fueled by the ongoing bullish momentum in the cryptocurrency markets. According to CryptoSlam, NFTs recorded $181 million in sales over the past seven days, up from just $93 million the week prior. This surge signifies a massive rebound for the digital collectibles sector, following a series of lagging months.
Ethereum and Bitcoin Lead the Pack
The Ethereum blockchain led the charge with an impressive $67 million in NFT sales, marking a 111% increase from the previous week. Bitcoin-based NFTs weren’t far behind, generating $60 million in sales, a 115% jump week-over-week. Other blockchains like Solana, Mythos Chain, and Polygon also contributed to the strong performance, collectively recording a sales volume of $45.5 million.
Transaction Values See Significant Growth
Along with the rise in sales volume, the average value of an NFT transaction also grew significantly. The average sale price for NFTs surged to $133.08, an 87% increase from the previous week’s average of $71.11. This growth signals that investors and collectors are increasingly willing to invest in high-value digital assets.
NFT Market Recovers from Earlier Downturn
The recent NFT sales surge follows a recovery from a significant downturn. October saw NFT sales rebound, with $356 million in sales, an 18% increase from September. This marks the end of a seven-month slump in NFT sales, signaling that digital collectibles are making a comeback.
Crypto Rally Drives NFT Boom
The bullish momentum in the broader crypto market has been a driving force behind the rise in NFT sales. After the U.S. elections, the crypto market saw a surge, with Bitcoin reaching an all-time high of $93,477 on Nov. 13. As of now, Bitcoin trades at around $91,000, fueling optimism across the entire digital assets market.
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