Ethereum and Bitcoin Propel NFT Weekly Sales to Record Highs

• CryptoSlam reported a robust global NFT sales volume touching $18,699,798 NFT sales over 24 hours.
• This represents a 14.56% gain over the past 24 hours.
• Ethereum solidified its dominance in the NFT market, recording $49 million in weekly sales.

The non-fungible tokens (NFT) were trending hot in the early 2021s. In fact, many experts had predicted that the NFT market would explode following a bull run it witnessed before all the hype and gaga died down. But now, once again the NFT market seems to be raising its head on the back of a crypto bull to register impressive sales volumes.

As of November 26, CryptoSlam reported a robust global sales volume touching $18,699,798 over the 24 hours. This represents a 14.56% gain over the past 24 hours.

Ethereum and Bitcoin Dominate Sales, Solana Leads Buyers

Ethereum solidified its dominance in the NFT market, recording $49 million in weekly sales. However, this marked a 25.9% decrease from the prior week. Ethereum’s robust ecosystem continues to attract high-value collectors and creators, reinforcing its leadership in the digital collectibles space. Bitcoin followed closely with $43 million in weekly sales, experiencing a 29% drop. Despite the decline, Bitcoin-based NFTs remain a crucial player in the market’s dynamics, driven by unique offerings like Ordinals.

Solana too emerged as the network with the highest number of buyers. The blockchain attracted over 185,000 buyers during the week, a staggering 58% increase from the previous week’s 117,000. Solana also maintained its position as the third highest in sales volume, recording $23.9 million, down by just 9%.

Other Blockchains See Steady Activity

Other prominent blockchains, including Polygon, Mythos Chain, Immutable, and BNB Chain, collectively generated $35.8 million in sales during the week. This diversification underscores the growing interest in alternative platforms within the ecosystem. However, the average transaction value across all networks saw a minor dip, decreasing from $133.08 to $126.17. This trend may reflect broader market adjustments as buyers shift towards affordable collectibles.

Monthly NFT Sales Momentum Remains Strong

The NFT market is poised to close November on a high note. After recording $356 million in sales in October—an 18% increase from September—this month has shown sustained momentum. The resurgence in activity follows October’s notable reversal of a seven-month downward trend in NFT sales.

Also read: 5 Key Factors to Consider Before Investing in Crypto

One of the key market drivers of the NFT sales was largely on the back of Ethereum’s sales dominance attracting premium NFT projects and collectors. The surge in unique buyers on Solana highlights its appeal among a broader audience. Meanwhile, the activity on Polygon, Immutable, and other chains emphasizes the market’s expansion beyond Ethereum.

NFTs continue to thrive amid market adjustments

The NFT market’s $158 million weekly sales volume signals sustained investor interest, even in a volatile crypto landscape. Ethereum and Bitcoin remain the go-to platforms for high-value transactions, while Solana’s impressive buyer growth reflects its increasing appeal.

With strong momentum from October and steady activity in November, NFTs are proving their resilience, adaptability, and enduring allure as a cornerstone of the blockchain economy. Whether you’re a collector, investor, or creator, now is an exciting time to explore the evolving world of digital collectibles.