Non-fungible tokens (NFTs) showed resilience in their weekly sales volume, recording approximately $158 million in sales for the week ending Nov. 24. Despite a slight decrease compared to the previous week’s surge, the NFT market continues to exhibit solid performance. This week’s sales mark a 12.7% drop from the prior week, when sales hit $181 million.
Though there was a slight slowdown, the current weekly volume is still significantly higher than at the beginning of November. From Nov. 4–10, NFT sales totaled only $93 million, marking a remarkable 69% increase over the month.
Ethereum maintained its position as the leading blockchain for NFT sales, generating $49 million in sales this week. However, Ethereum’s sales volume saw a 25.9% decline from the previous week. Bitcoin followed closely behind with $43 million in NFT sales, down 29% from the prior week.
In terms of sales volume, Solana ranked third, recording $23.9 million in NFT sales, a 9% decrease from the week before. Other networks, including Polygon, Mythos Chain, Immutable, and BNB Chain, combined for a total sales volume of $35.8 million for the week.
However, while Ethereum continued to dominate in terms of sales volume, Solana led all blockchains in the number of NFT buyers. Solana saw a significant surge, with over 185,000 NFT buyers this week, a 57.99% increase compared to last week’s 117,000 buyers. This increase in Solana’s buyer activity highlights a growing interest in the network, which is becoming a significant player in the digital collectibles space.
Declining Transaction Values and Market Fluctuations
Despite the solid sales volume, the average transaction value for NFTs across all networks saw a slight dip. The average dropped from $133.08 to $126.17, reflecting the fluctuating nature of NFT transaction sizes. This minor decrease in transaction values does not significantly diminish the market’s momentum but indicates that smaller transactions are continuing to gain ground, as more users enter the space.
Despite this slight decrease, the NFT market is on track to close November with strong momentum. This follows an exceptional performance in October, where NFTs recorded a $356 million sales volume—an 18% increase from September.
The rise in Solana’s number of NFT buyers, combined with Ethereum’s continued dominance in sales, shows contrasting dynamics among the leading blockchains in the NFT space. Solana’s strong buyer activity and Ethereum’s larger sales volume suggest that different blockchain networks are appealing to different segments of the NFT market. While Ethereum remains the go-to network for high-value transactions, Solana is attracting a large number of buyers, many of whom may be exploring NFTs at lower price points.
The current weekly sales figures suggest that NFTs are continuing to hold strong despite market fluctuations. This momentum follows a record-breaking performance in October, which ended a seven-month downward trend for NFT sales. The growth in buyer activity, especially on Solana, and the ongoing dominance of Ethereum in terms of sales volume indicate that NFTs are far from losing their appeal. As the market matures, different blockchain platforms may continue to cater to different use cases and buyer demographics, further expanding the overall NFT ecosystem.
| Blockchain | Weekly Sales Volume | Percentage Change | Number of NFT Buyers (Solana) | Average Transaction Value |
|---|---|---|---|---|
| Ethereum | $49 million | -25.9% | N/A | $126.17 |
| Bitcoin | $43 million | -29% | N/A | $126.17 |
| Solana | $23.9 million | -9% | 185,000 | $126.17 |
| Others (Polygon, Mythos, Immutable, BNB) | $35.8 million | N/A | N/A | $126.17 |
NFTs Show Resilience Despite Market Volatility
Despite some fluctuations in sales and transaction sizes, the NFT market continues to show resilience and growth. The increase in Solana’s buyer base signals an emerging interest in more affordable NFT options, while Ethereum remains dominant for high-value transactions. As the NFT space continues to develop, it’s likely that we’ll see more diversification in the types of assets traded across different blockchains. While the market may experience ups and downs, its ongoing momentum suggests that NFTs are here to stay and will continue to evolve as part of the broader digital asset landscape.
Featured image credit: Genko Mono via Vecteezy
Follow us for more breaking news on DMR