Key Takeaways:
The long-forgotten non-fungible token (NFT) market is witnessing an uptick in user volume as weekly sales have almost doubled. This surge in activity was fueled by gains made by Bitcoin and other leading cryptocurrencies.
NFT Sales Volume Double In Less Than A Week To $181 Million
According to NFT data tracker CryptoSalm report, the digital collectible market recorded a sales volume of $181 million over the last seven days. This is an increase of 94% over the week before when the entire market only had a sales volume of $93 million.
The development coincided with the rally in the broader crypto market following Donald Trump’s landslide victory over Kamala Harris to become the 47th President of the United States. As per CoinMarketCap data, the market cap of the entire sector peaked at $3.04 trillion, while Bitcoin, the apex cryptocurrency, is sitting comfortably at the $90,000 level after pairing multiple all-time highs in a two-week period.
Ethereum led the chart with total weekly NFT sales of $67 million, a 111% increase from the previous week. In second place is the Bitcoin network with $60 million, followed by Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, with a combined weekly sales volume of $45 million.
In addition to the increase in sales, the digital collectible market saw the average value of a transaction grow substantially last week, from $71.11 to $133.08. This is an 87% jump from the week prior, underscoring the market’s steady recovery after breaking a seven-month downturn in October.
Last month, the NFT market recorded $365 million in sales, up 18% from September when it hit a record monthly low of $300 million.
Bitcoin, Ethereum, And Solana Collections Topped The NFT Sales Charts
As per CryptoSlam’s data, between November 9 and November 16, NFT sales totaled $179.48 million. Apart from the Ethereum, Bitcoin, and Solana blockchains, the Blast network experienced an outstanding 256.30% increase in volume over the past week but managed to achieve just $718,850 in total sales.
Bitcoin’s BRC-20 collection topped the sales chart, with $28.143 million – a 165% rise from the week before. The iconic Ethereum-based Cryptopunks collection generated $23.171 million in sales over the same period, soaring 665.29% compared to its previous week’s performance.
The most expensive NFT sale of the week was the Wise Lending NFT. The digital collectible issued on the Ethereum blockchain fetched $678,379 six days ago. Solana-based Boogle 075 came in second place after commanding a price of $269,314 just three days back. Over at Bitcoin, it was one of the Uncategorized Ordinal collections, sold for $105,365, that topped the charts.
Other standout NFTs included Bitcoin Puppets, Dmarket, Bored Ape Yacht Club (BAYC), Nodemonkes, Guild of Guardians, Zereborn, and Pudgy Penguins.
The latest NFT sales volume data highlights a changing market, with significant gains made across leading blockchains and collections. While Ethereum maintained its market dominance, the surge of Bitcoin to new peaks has improved its appeal in the NFT ecosystem. Meanwhile, newer collections and smaller networks are carving their way into the high ends, signalling continued diversification and innovation across the digital collectibles industry.
At its peak, the NFT market recorded weekly sales of over $2.2 billion between August 23 and August 29, 2021.
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