NFT Market Rebounds with $181 Million in Sales, Bitcoin and Ethereum Lead
NFT Market – Non-fungible tokens (NFTs) have seen a 94% increase in weekly sales, reaching $181 million for the week of Nov. 17, according to CryptoSlam. This boost is driven by strong performances in Bitcoin (BTC) and Ethereum (ETH), both of which saw substantial gains in NFT sales.
Ethereum and Bitcoin Lead the Charge
Ethereum led the NFT sales with $67 million, a 111% increase from the previous week, while Bitcoin followed closely with $60 million in NFT sales, reflecting a 115% rise.
Growth Across Other Blockchains
Other blockchains like Solana, Polygon, and BNB Chain also contributed to the surge, collectively generating $45.5 million in sales.
Rising Transaction Values
The average NFT sale price jumped 87%, reaching $133.08, up from $71.11 the previous week.
Bullish Momentum Boosts NFT Market
The spike in NFT sales comes amid broader bullish momentum in the crypto market, particularly driven by Bitcoin, which reached a new all-time high of $93,477 on Nov. 13. As crypto markets continue to rise, NFTs are gaining traction, with total NFT transactions in October reaching 7.2 million, a 42% increase from the previous month.
This upward trend suggests a strong future for NFTs, as they gain more mainstream attention alongside growing crypto markets.
Frequently Asked Questions (FAQ)
What is driving the recent surge in NFT sales?
The recent surge in NFT sales is driven by the overall bullish trend in the cryptocurrency market, especially with Bitcoin and Ethereum seeing significant gains.
How much did NFT sales increase this week?
NFT sales increased by 94%, reaching $181 million in weekly sales, compared to $93 million the previous week.
Which blockchains are leading in NFT sales?
Ethereum led with $67 million in sales, followed by Bitcoin at $60 million. Other blockchains like Solana and Polygon recorded $45.5 million collectively.
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