Many people have previously said that the Non-Fungible Token (NFT) market is dead, but it may be due to the crypto market boom driven by Trump's victory, causing the NFT market to quietly heat up as well. Last week, the sales volume soared to $173 million, a 94% increase from the previous week. The growth in NFT transactions on the Ethereum and Bitcoin blockchains has been the most impressive, driving the overall NFT market boom, and even the emergence of NFT revival projects.
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ToggleEthereum and Bitcoin lead the NFT market, with a weekly sales volume of $173 million
Data shows that from 11/11 to 11/17, the NFT market achieved a sales volume of $173 million in the past week, a nearly 86% increase from the previous week's $93 million. The NFT sales volume on Ethereum currently stands at $68 million, with a weekly increase of 111% and firmly in the lead.
The NFT sales volume on the Bitcoin chain is closely behind, currently reaching $62 million, a 115% increase from the previous week, becoming an important driver of the current NFT market boom. In addition, the NFT sales volume on Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively reached $49 million, also performing well.
NFT weekly average transaction amount grew significantly by 87%, with a monthly sales volume of $356 million
In addition to the significant increase in sales volume, the average transaction price of NFTs has also clearly increased. Last week, the average price per NFT transaction was $133.08, up 87% from the previous week's $71.11.
This wave of NFT market heat is also reflected in the monthly data. The total NFT sales in October reached $356 million, an 18% increase from $300 million in September, successfully ending a seven-month downward trend. At the same time, the NFT trading volume in October also reached 7.2 million transactions, an increase of 42% compared to September.
Previously burned CryptoPunks zombie NFT revived and reborn on Solana
The CryptoPunks series of Non-Fungible Tokens (NFTs) from Ethereum, created by Matt Hall and John Watkinson of Larva Labs in 2017, contains 10,000 unique 24x24 pixel characters, each randomly generated by an algorithm. Most are human-like, but there are also some special types, such as zombies (88), apes (24), and aliens (9).
Recently, one of the zombies in the series (#PUNK3493) was previously destroyed in 2019, but has now been revived and reborn on the Solana blockchain, and is listed on the meme coin market's DAO venture capital ai16z and the tokenization issuance platform vvaifu.fun of AI Agent, with a market value once reaching $25 million.
Trump's victory has a ripple effect on the NFT market, with hopes of a full recovery
Although many people previously believed that the NFT market was dead, and many NFT projects are still not giving up hope, trying to find a way out of this sluggish predicament. For example, the blue-chip NFT Doodles collaborated with McDonald's to launch 100 million limited-edition McCafé x Doodles Holiday McCafe coffee cups on 11/18, and participants have a chance to win metaverse outfits and music animation content on the McDonald's app. The NFT Doodles surged nearly 30% after the event launch.
Regarding the Solana NFT market Magic Eden, which is considered the biggest threat to OpenSea, it has previously announced that it will support cross-chain trading across ten exchanges by the end of this year, allowing for transactions including Non-Fungible Tokens, Runes, Ordinals, and Solana on Magic Eden.
With the election of Trump driving a crypto market boom, Bitcoin also once reached $93K, which in turn broke the previous sluggish phenomenon in the Non-Fungible Token market. Recently, not only has the significant growth in Non-Fungible Token sales and trading volume been shown, but it also reflects the return of confidence among Non-Fungible Token enthusiasts and the crypto market, with the prospect of a full recovery in the future.
