NFT Market Sees $158M in Weekly Sales, Fueled by Ethereum and Bitcoin

NFTs have continued to show resilience in the market, with a robust weekly sales volume of $158 million recorded on November 24, according to data from CryptoSlam. While this represents a slight dip of 12.7% from the previous week’s surge of $181 million, it still marks a significant improvement over earlier in the month, signaling ongoing strength in the NFT sector.

November’s momentum has already surpassed October's total sales volume, continuing a pattern of recovery in the NFT market. In fact, from November 4 to November 10, NFTs generated only $93 million in weekly sales, but this figure represents a remarkable 69% increase from earlier in the month, reflecting the market's positive trajectory.

Ethereum Dominates Sales Volume; Bitcoin Follows Strongly

Ethereum maintained its position as the leader in weekly NFT sales, totaling $49 million in transactions. However, this was a 25.9% drop compared to the prior week’s performance. Bitcoin, on the other hand, saw $43 million in sales, experiencing a 29% decline week-over-week but still holding strong in second place.

Solana, with $23.9 million in sales, retained its third-place spot, though its sales also saw a 9% decline. Other networks, including Polygon, Mythos Chain, Immutable, and BNB Chain, collectively generated $35.8 million in weekly sales.

Solana Surges in Buyer Activity

Despite the dip in sales volumes for some blockchains, Solana emerged as a clear leader in buyer activity. The network saw over 185,000 unique NFT buyers, a massive 57.99% increase from the previous week’s 117,000. This surge in buyer interest highlights a strong and growing community within the Solana ecosystem.

Strong Sales Momentum Continues for NFTs

Despite a slight slowdown in weekly sales, the NFT market remains on a positive trajectory. The total volume for October reached $356 million, marking an 18% increase from September and signaling a rebound after seven months of declining sales.

Looking ahead, the current weekly sales figures suggest sustained interest in digital collectibles, driven by significant activity on Ethereum, Bitcoin, and Solana. With November already surpassing October’s volume, the NFT market is set to close the month on a high note, continuing to showcase resilience amid market fluctuations.

The diversity of blockchain dynamics—Ethereum's dominance in sales volume and Solana's lead in buyer engagement—points to a shifting landscape within the NFT space, where different networks appeal to varying segments of the market. The slight dip in average transaction values, from $133.08 to $126.17, also suggests that while volume remains high, the overall value per transaction has slightly cooled, reflecting broader trends in the market.

As the month draws to a close, the NFT market is showing no signs of slowing down, reinforcing the sector's recovery and long-term potential.