Non-fungible tokens (NFTs) recorded a weekly gross sales quantity of $181 million, pushed largely by positive factors in Bitcoin and different cryptocurrencies.
Information from CryptoSlam on November 17 revealed a 94% enhance in weekly gross sales in comparison with the earlier week, which stood at roughly $93 million.
Ethereum NFTs led the charts with over $70 million in gross sales, adopted by Bitcoin with greater than $60 million. Different blockchains, together with Solana, Mythos, Immutable, and Polygon, collectively contributed round $45 million.
Outstanding collections driving the surge included Pudgy Penguins, Milady Maker, CryptoPunks, Azuki, and Guild of Guardians Heroes.
Amongst vital gross sales, a Bitcoin-based Ordinal Maxi Biz (OMB) offered for 1.6448 BTC, valued at over $149,000. Moreover, three CryptoPunks — #1522, #189, and #7502 — offered for $143,395, $121,182, and $120,729, respectively.
Within the final 24 hours, NFT gross sales quantity rose one other 3.5% in comparison with the day past.
These positive factors provide some optimism for the NFT sector, which has confronted vital challenges over the previous two years. In June, NFT gross sales noticed a 46% decline, following a 50% drop in Might.
The extended downturn is said to regulatory uncertainty. The U.S. Securities and Change Fee (SEC) has focused a number of NFT platforms and creators, viewing some NFTs as securities.
In August, OpenSea acquired a Wells discover from the SEC, alleging that sure NFTs on its platform qualify as unregistered securities. Final 12 months, Affect Concept paid a $6.1 million penalty for related costs, and the creators of Stoner Cats NFTs have been fined $1 million.
In the meantime, teams advocating for blockchain applied sciences are pushing for clearer rules. The Digital Chamber, a U.S.-based blockchain advocacy group, just lately referred to as on Congress to classify particular NFTs as client items somewhat than securities.
