Non-fungible tokens (NFTs) recorded a weekly sales volume of $181 million, driven largely by gains in Bitcoin and other cryptocurrencies.
Data from CryptoSlam on November 17 revealed a 94% increase in weekly sales compared to the previous week, which stood at approximately $93 million.
Ethereum NFTs led the charts with over $70 million in sales, followed by Bitcoin with more than $60 million. Other blockchains, including Solana, Mythos, Immutable, and Polygon, collectively contributed around $45 million.
Prominent collections driving the surge included Pudgy Penguins, Milady Maker, CryptoPunks, Azuki, and Guild of Guardians Heroes.
Among significant sales, a Bitcoin-based Ordinal Maxi Biz (OMB) sold for 1.6448 BTC, valued at over $149,000. Additionally, three CryptoPunks — #1522, #189, and #7502 — sold for $143,395, $121,182, and $120,729, respectively.
In the last 24 hours, NFT sales volume rose another 3.5% compared to the previous day.
These gains offer some optimism for the NFT sector, which has faced significant challenges over the past two years. In June, NFT sales saw a 46% decline, following a 50% drop in May.
The prolonged downturn is related to regulatory uncertainty. The U.S. Securities and Exchange Commission (SEC) has targeted several NFT platforms and creators, viewing some NFTs as securities.
In August, OpenSea received a Wells notice from the SEC, alleging that certain NFTs on its platform qualify as unregistered securities. Last year, Impact Theory paid a $6.1 million penalty for similar charges, and the creators of Stoner Cats NFTs were fined $1 million.
Meanwhile, groups advocating for blockchain technologies are pushing for clearer regulations. The Digital Chamber, a U.S.-based blockchain advocacy organization, recently called on Congress to classify specific NFTs as consumer goods rather than securities.
