Non-fungible tokens (NFTs) have seen a weekly sales volume of $181 million, a 94% surge in comparison to the previous week’s $93 million. This significant growth has been fueled by notable gains in Bitcoin and other cryptocurrency markets. This data was provided by CryptoSlam, a digital collectible data tracker.
Ethereum prevailed over other blockchains with a 111% increase from the previous week, resulting in $67 million in NFT sales. It was followed by Bitcoin, which also saw a soaring increase of 115% week-over-week, generating $60 million in NFT sales. Likewise, combined weekly sales for Solana, Mythos Chain, Immutable, Polygon, and BNB Chain hit $45.5 million.
Further, the average value of an NFT transaction saw meaningful growth. Over the past week, the average NFT sale sat at $133.08, an increase of 87% from the previous week’s average sale price of $71.11.
October also signaled a shift in the market downturn for NFTs. Digital collectibles recorded $356 million in sales, an 18% increase from September’s all-time low of about $300 million, marking the end of a seven-month downward trend. Transaction count also grew, with total NFT transactions in October reaching 7.2 million, a 42% increase compared to the prior month.
These surging numbers have taken place alongside a broader crypto market surge. Following the US elections, the cryptocurrency market rallied with Bitcoin at the forefront. On Nov. 13, Bitcoin reached a new peak of $93,477. Currently, Bitcoin trades approximately $91,000 with a market capitalization of $1.8 trillion.