Weekly NFT sales jump 94%, fueled by the ongoing crypto market surge

Overall, non-fungible tokens (NFTs) achieved a weekly sales volume of $181 million, driven by substantial gains in Bitcoin and other cryptocurrency markets.

On November 17, data from digital collectible tracker CryptoSlam revealed a 94% surge in NFT sales compared to the previous week, which saw only $93 million in sales. Ethereum led all blockchains, recording $67 million in weekly NFT sales—a 111% increase from the prior week. Bitcoin NFTs also saw impressive growth, reaching $60 million in sales, marking a 115% week-over-week rise.

Other blockchains, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively contributed $45.5 million in weekly NFT sales.

Beyond the rise in overall sales volumes, the average value of an NFT transaction also experienced notable growth. Over the past week, the average NFT sale was valued at $133.08, reflecting an 87% increase from the previous week’s average of $71.11.

NFTs Sustain Sales Momentum

The spike in weekly NFT sales volume aligns with a broader market resurgence, breaking a prolonged downturn in monthly sales.

In October, NFTs recorded $356 million in sales—a robust 18% increase from September’s record monthly low of $300 million. This marked a break from a seven-month decline for digital collectibles. Transaction activity also surged, with the total number of NFT transactions in October reaching 7.2 million, a 42% jump from the previous month.

This surge in NFT activity coincides with a bullish rally across crypto markets, spurred by positive sentiment following the U.S. elections. Bitcoin, in particular, has been leading the charge, reaching a new all-time high of $93,477 on November 13. At the time of writing, Bitcoin trades at around $91,000, boasting a market capitalization of $1.8 trillion.