NFT Sales Soar to $181M as Crypto Market Gains Momentum

NFT sales have seen a remarkable surge, with weekly volumes hitting $181 million, thanks to renewed bullish momentum in the cryptocurrency market.

According to recent data, this marks a 94% jump from the previous week, when total NFT sales stood at $93 million.

Ethereum led the charge, driving $67 million in sales—an impressive 111% increase compared to the prior week. Bitcoin wasn’t far behind, generating $60 million in NFT transactions, reflecting a 115% rise. Meanwhile, other blockchains, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively contributed $45.5 million to the week’s total.

The average value of NFT transactions also saw significant growth, climbing to $133.08, up 87% from the previous week’s $71.11. This resurgence comes at a time when the NFT market is breaking out of a prolonged slump. October sales hit $356 million, an 18% increase from September, which marked a record low. October also saw a 42% spike in transaction counts, with 7.2 million recorded deals.

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The NFT rally coincides with a broader crypto market upswing. Following the U.S. elections, digital assets have gained significant momentum, with Bitcoin setting a new all-time high of $93,477 on Nov. 13. The strong market activity appears to have reinvigorated investor interest in NFTs, pushing the digital collectibles space back into the spotlight.

Alexander Zdravkov