Last week's crypto market bullish run and the Bitcoin (BTC) price rally led to a spike in non-fungible tokens (NFT) as the weekly sales volume touched $181 million.
Most of this came from the Ethereum (ETH) network which recorded a whopping $67 million in NFT sales, followed by Bitcoin experiencing $60 million in sales in the last 7 days.
As per digital collectible data tracker CryptoSlam, NFT sales volume rose to $181 million over the last week. There was a 94% spike in volume compared to the previous week's sales of $93 million.
Ethereum's $67 million NFT sales this week marked a 111% weekly gain from the previous week, while Bitcoin's $60 million sales meant a 115% weekly spike. Other networks like Solana, BNB Chain, Immutable, Mythos Chain, and Polygon registered $45.5 million in weekly NFT sales.
It was not just sales volumes; the post-Trump win crypto market bullish run also caused substantial growth in the average NFT transaction value. In the course of the last 7 days, the average NFT sale value was $133.08 which translates into an 87% increase from the previous week’s $71.11.
This NFT sales volume surge comes at a time when the crypto market is witnessing a resurgence, steering away from the downturn seen in the monthly sales charts.
Earlier in October, the NFT sales volume was recorded as $356 million, an 18% spike from the previous month when the volume was $300 million in September, a monthly low. This marks the reversal of the 7-month downturn in digital collectibles sales.
The October NFT transactions also surged as total transactions hit the 7.2 million mark that month, a 42% gain compared to September. This coincided with the bullish movement in the crypto market in the run-up to the US election when Bitcoin hovered near $70000.
Following Donald Trump’s win Bitcoin touched the $90,000 mark ultimately rallying to $93000 which also pulled up the GFT sales volume in November, Last week, Bitcoin set a new all-time high record at $93,477 as NFT sales rose to $181 million.
At the time of writing, BTC was trading at $91634, up 1.22% in the last 24 hours while the market cap stood at $1.81 trillion and the trading volume rose 6.66% to touch $47.91 billion.