NFTs Weekly Sales Surge 94% As Crypto Market Continues Bullish Run

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

CoinTelegraph's Exra Reguerra, reports that on Nov. 17, digital collectible data tracker CryptoSlam showed that 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. 

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 collectibles recorded $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 days after 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.