Non-fungible tokens (NFTs) saw a surge in popularity, recording $181 million in weekly sales volume, as tracked by CryptoSlam on Nov. 17. This jump reflects growing interest in digital assets alongside a robust cryptocurrency market, led by Bitcoin’s recent gains.
NFT sales volume increased dramatically by 94% compared to the previous week, which saw $93 million in sales. Ethereum led with $67 million in weekly NFT sales, an impressive 111% increase from the prior week. Bitcoin followed closely, generating $60 million in NFT sales—a 115% rise. Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively added $45.5 million to the weekly total. Additionally, the average NFT transaction value rose to $133.08, up 87% from the prior week’s $71.11, reflecting increased demand.
These figures cover the week ending on Nov. 17, following Bitcoin’s historic price rally on Nov. 13, which sparked broader interest in digital assets across markets.
NFT sales spanned multiple blockchains, with Ethereum and Bitcoin leading in volume. Other chains, including Solana and Polygon, contributed significantly, indicating cross-chain demand for NFTs and digital collectibles.
The rise in NFT sales aligns with a broader bullish trend in the crypto market. Bitcoin’s new all-time high of $93,477 on Nov. 13 has driven renewed investor confidence, fueling interest in NFTs and reversing a prolonged downturn in digital collectibles. In October, NFTs posted $356 million in sales, an 18% increase from September, ending a seven-month market slump and suggesting a broader recovery.
The rally in cryptocurrency prices, particularly Bitcoin, has drawn buyers back into the NFT market. The weekly surge in transaction volumes and the increase in average sale prices reflect a revived appetite for NFTs. October’s NFT transaction count reached 7.2 million, up 42% from the previous month, underscoring renewed interest in the space. As Bitcoin trades around $91,000, with a market cap of $1.8 trillion, the overall bullish sentiment in crypto markets has helped propel NFT sales, bringing attention back to digital collectibles as the market rebounds.
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