Sales of non-fungible tokens (NFTs) have experienced a significant boost, reaching $181 million in the past week, fueled by strong gains in digital asset markets like Bitcoin.
According to data from CryptoSlam, a platform tracking NFT sales, total sales reached $181 million in the seven days leading up to November 17, representing a 94% increase compared to the previous week’s $93 million.
Ethereum, the leading blockchain network for NFTs, topped the list of most active blockchain networks in NFT sales, recording $67 million in sales—a 111% increase from the previous week. Close behind, Bitcoin’s network reached $60 million, reflecting a 115% growth.
Other notable blockchain networks such as Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively achieved $45.5 million in weekly NFT sales, marking significant contributions to the overall market recovery.
Along with the surge in sales volume, the average value of NFT transactions saw a notable increase. The average transaction price reached $133.08 last week, up by 87% from the previous week’s average of $71.11. This uptick in transaction value highlights the growing interest and confidence in NFTs, coinciding with the broader market recovery.
A Break from the Downtrend
This surge in NFT sales aligns with the broader market recovery, breaking the downward trend that had plagued previous months. In fact, October saw a notable rebound, with NFT sales reaching $356 million, up by 18% compared to September, which recorded a low of $300 million. This marked the end of a seven-month decline in monthly sales.
Additionally, the number of NFT transactions also rose, climbing by 42% to reach 7.2 million transactions in October. This increase signals renewed interest in the NFT market, particularly as digital assets continue to gain traction in the wake of strong performance in cryptocurrencies like Bitcoin.
