NNFTs, once the darlings of the digital world but later a collapsing trend, are experiencing a remarkable revival. The past week has seen an astonishing 94% increase in NFT sales volume, reigniting hope among enthusiasts.
NFTs Record a Sales Volume of $181 Million in Just Seven Days
According to CryptoSlam, a leading data tracker in the digital collectibles space, NFT sales reached a staggering $181 million as of November 17. This marks a significant jump from the previous week’s volume of $93 million, representing a 94% growth.
Among blockchains, Ethereum leads the way with a 67% increase, generating $111 million in NFT sales over the week. Bitcoin, in second place, saw a 115% surge, bringing in $60 million in sales.
Other NFT Metrics Show Growth
The growth isn’t limited to sales volume. The average transaction value for NFTs rose by 87%, climbing from $71.11 to $133.08 in a single week. Additionally, the monthly sales volume also shows significant improvement, with $356 million recorded in October—a growth of 18% compared to September’s $300 million. Furthermore, the total number of transactions increased by 42%, reaching 7.2 million in October.
Why Are NFTs Gaining Momentum Again?
The primary driver behind this resurgence is the recent rise in cryptocurrency markets. Following the U.S. elections, the crypto market saw a significant upswing, with Bitcoin reaching historic highs of $93,000. This bullish sentiment has spilled over into the NFT market, sparking renewed interest and investment.
The impressive growth across various metrics highlights a potential revival for NFTs. Whether this trend will sustain in the long run remains to be seen, but for now, NFTs are making their mark once again in the digital economy.
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