NFT Weekly Sales Surge 94% Amid Overall Crypto Market Rally

• For the week, Ethereum’s NFT sales reached $67 million, a 111% rise over the previous week.
• The average value of an NFT transaction increased significantly, with growing sales volumes.

The substantial advances in the cryptocurrency market drove a weekly sales volume of $181 million for non-fungible tokens. According to statistics compiled by CryptoSlam, a digital collectibles tracker, NFTs sales volume recorded for $181 million in the seven days ending November 17th. Compared to the previous week, when NFTs only made $93 million in sales, the data reveals a 94% rise.

For the week, Ethereum’s NFT sales reached $67 million, a 111% rise over the previous week, putting it in first place among all blockchains. Close behind, Bitcoin had a 115% week-over-week increase in NFT sales, reaching $60 million.

Meanwhile, a total of $45.5 million was generated in sales for Solana, Mythos Chain, Immutable, Polygon, and BNB Chain in a single week. The average value of an NFT transaction increased significantly, with growing sales volumes. A week ago, the average value of an NFT sale was $71.11. This week, it jumped 87% to $133.08.

Recovery Mode Underway

The market had a recovery, ending its decline in the monthly sales charts, which coincided with the spike in weekly NFT sales volume. October sales of digital collectibles reached $356 million, an increase of 18% from September’s record monthly low of about $300 million for NFTs. As a result, digital collectibles have broken a seven-month slump.

Not only did sales volumes rise in October, but NFT transactions did as well. With a 42% rise over the previous month, the total number of NFT transactions for the month hit 7.2 million.

The overall cryptocurrency markets have been trending upward, which has coincided with the meteoric rise in NFT sales volumes. Crypto markets, topped by Bitcoin, surged in the days after the US elections.

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