Thomas Daniels
The non-fungible token (NFT) market continues to gain traction, recording a robust $158 million in sales volume over the past week, according to CryptoSlam. Despite a 12.7% dip from the previous week’s $181 million, November’s sales figures have already outpaced October’s total volume, underscoring the market’s sustained momentum.
Ethereum and Bitcoin Maintain Leadership in Sales
Ethereum retained its position as the top blockchain for NFT sales, generating $49 million in weekly volume. However, this marked a 25.9% decline from the previous week. Bitcoin followed with $43 million in sales, reflecting a steeper 29% drop.
Solana secured the third spot, with $23.9 million in NFT sales, a modest 9% decrease compared to the prior week. Interestingly, Solana led all networks in the number of NFT buyers, witnessing a 57.99% surge to 185,000 from the previous week’s 117,000.
Other blockchain networks, including Polygon, Mythos Chain, Immutable, and BNB Chain, collectively contributed $35.8 million to the week’s sales figures.
Market Dynamics: Transaction Values and Monthly Momentum
The average transaction value across all blockchains slightly declined to $126.17, down from $133.08 in the prior week. Nevertheless, the market’s overall trajectory remains positive.
October recorded $356 million in total NFT sales, an 18% jump compared to September. With November’s cumulative sales already surpassing that figure, the market is set to close the month on a high note.
The resurgence in NFT activity, led by Ethereum’s dominance and Solana’s growing buyer base, marks a significant recovery following a prolonged downturn. As the digital collectibles space evolves, differing blockchain dynamics suggest diverse opportunities for investors and creators alike.
