In the last seven days, the sales volume of non-fungible tokens (NFTs) reached $181 million, indicating a significant increase in interest in digital assets amid the overall rise in the cryptocurrency market.
According to CryptoSlam data, the Ethereum network topped the list with $67 million in sales, a 111% increase compared to the previous week. The Bitcoin blockchain also showed impressive results, reaching $60 million in NFT sales over the last seven days, a 115% increase from the previous week.
Other blockchains such as Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively recorded $45.5 million in sales.
In addition to the overall growth in sales volumes, the average price of an NFT transaction also increased. Over the last seven days, the average sale price of NFTs was $133.08, which is an 87% increase compared to the previous week, when it was $71.11.
This surge in weekly NFT sales comes amid the overall recovery of the digital collectible market. In October, NFT sales reached $356 million, which is an 18% increase compared to September, when the lowest monthly sales volume of $300 million was recorded. This marked the end of a seven-month decline in digital collectible sales.
Since March 2024, when NFT sales reached $1.6 billion, there had been a steady decline until October. However, October also saw an increase in the number of NFT transactions, reaching 7.2 million, a 42% increase compared to the previous month.
The rise in NFT sales coincided with the overall bullish trend in the cryptocurrency market. After the U.S. elections, cryptocurrency markets began to grow, with Bitcoin leading the surge.
On November 13, Bitcoin reached a new all-time high of $93,477. As of the time of writing, its price is around $91,000, and its market capitalization stands at $1.8 trillion.
