TLDR
- In just a week, NFT sales skyrocketed to $181 million, a huge leap from last week's $93 million.
- Ethereum commanded the NFT stage with sales of $67 million, while Bitcoin closely followed with $60 million in sales.
- There's been an 87% spike in the average value of NFT trades, now at $133.08.
- After a tough seven-month stretch, October marked a revival for NFTs with total sales touching $356 million.
- The NFT rally comes hand in hand with a broader upswing in the crypto world, as Bitcoin soars to $91,000.
The NFT (non-fungible token) marketplace has shown an extraordinary bounce back, achieving $181 million in weekly trading, as per the latest figures from a digital collectible monitor. CryptoSlam.
This showcases a remarkable leap of 94% from the previous week's total of $93 million, highlighting a positive change in the market's operating tempo. Ethereum once again took the spotlight as the NFT trading giant, accumulating $67 million in sales over the past week. This marks a 111% rise from last week's outcomes, reflective of a solid uptick within the ecosystem’s longest-running NFT bazaars.
NFTs based on the Bitcoin protocol weren't left too far behind Ethereum, pulling in $60 million in sales for the week. The growth within the Bitcoin NFT domain mirrored this trend, showcasing a 115% weekly boost, hinting at increasing enthusiasm surrounding NFTs on this blockchain.
Other prominent blockchain systems chipped in to the market's resurgence. Networks like Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively saw $45.5 million in sales over the week, echoing a healthy growth across the NFT scene.
There was a notable rise in the median value per NFT transaction during this phase, with average spending reaching $133.08 per token, translating to an 87% increase from the previous week’s $71.11. This uptick implies renewed buyer confidence amidst the NFT buzz.
October signaled a pivotal turn for the NFT landscape, effectively ending a seven-month decline. The month’s sales summited at $356 million, clocking an 18% rise from the sagging September figures of around $300 million.
The uptick in transactional activities in October was equally impressive, as total NFT transactions amounted to 7.2 million. This marks a 42% swell when juxtaposed with September’s records, showcasing elevated participation and trading within the market.
The revival in the NFT domain stretches beyond mere sales figures. The brisk rise in transaction numbers indicates a broadened interest, with a larger pool of buyers and sellers actively swapping digital collectibles over various blockchain platforms.
This resurgence in the NFT market happened alongside positive shifts in the wider crypto landscape. Bitcoin, the leading crypto player, hit fresh price marks in this timeframe, trading near the $91,000 figure with a market cap reaching $1.8 trillion.
The NFT sphere appears to be experiencing similar dynamics, implying that this revival isn't confined to just one blockchain realm. Such parallel growth denotes an uplifted belief throughout the NFT domain as a whole.
The data shows that both Ethereum and Bitcoin The upward trend in transaction averages hints at an increasing readiness among collectors to allocate more funds in high-end NFTs. It appears buyers are getting more at ease with committing bigger sums to digital trades.
The data on transactions implies the NFT market's resurgence spans through various price levels, from affordable collectibles to top-tier digital treasures. This widespread recovery hints at engagement from an array of buyers and enthusiasts.
The October sales statistics are remarkable as they are the first monthly rise after enduring seven months of falling numbers. This positive swing suggests a possible shift in how the market perceives NFT collecting and deal-making.
The upward trajectory in the sum of transactions—from September to October—implies a larger group of users engaging with NFT exchanges. The 42% growth in transactions highlights a boost in activity across all NFT ecosystem sectors.
The freshest weekly sales number of $181 million showcases the current phase of market revival, with Ethereum and Bitcoin NFT activities showing pronounced vigor in both sales amount and transaction count.
Blockonomi's Editor-in-Chief, who founded Kooc Media, an online media venture based in the UK, is a staunch advocate for Open-Source platforms, Blockchain innovation, and a universally liberated Internet.
