Non-fungible tokens (NFTs) continue to demonstrate resilience in the digital collectibles market, with weekly sales volumes holding strong despite a minor dip compared to last week’s peak.
As of November 24, NFT analytics platform CryptoSlam reported a total sales volume of approximately $158 million over the past seven days. This marks a 12.7% decline from the previous week’s robust $181 million but still reflects considerable activity in the sector. Notably, these figures remain significantly higher than early November’s performance when sales volumes from November 4–10 reached only $93 million, highlighting a substantial 69% month-on-month growth.
Ethereum continued its reign as the top blockchain for NFT sales, contributing $49 million to the week’s total sales. However, this represents a 25.9% drop compared to the prior week. Bitcoin followed as the second most prominent player, recording $43 million in sales, down 29% from its previous figures.
Solana secured its position as the third largest blockchain by weekly NFT sales, generating $23.9 million, reflecting a modest 9% dip. Collectively, networks like Polygon, Mythos Chain, Immutable, and BNB Chain added $35.8 million to the weekly sales tally.
However, when it comes to buyer activity, Solana outperformed its competitors. CryptoSlam data revealed that over 185,000 buyers engaged with NFTs on Solana this week—a 57.99% surge from last week’s count of 117,000 buyers.
Meanwhile, the average transaction value across all networks experienced a slight reduction, dropping from $133.08 to $126.17, indicating possible shifts in purchasing patterns or buyer sentiment.
Monthly Trends Highlight Sustained Growth
November’s performance suggests that NFTs are set to close the month on a strong note. This comes on the heels of an impressive October, during which NFTs recorded $356 million in sales, an 18% increase from September.
The current weekly figures indicate sustained interest in digital collectibles despite fluctuations in sales volumes. Ethereum’s dominance in total sales volume, paired with Solana’s rising buyer activity, underscores the diverse dynamics across blockchain ecosystems within the NFT space.
This momentum builds on October’s breakthrough performance, which ended a prolonged seven-month slump in the NFT market. As November progresses, the industry’s growth trajectory signals enduring enthusiasm and participation in the digital collectibles ecosystem.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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