The NFT market is back on the rise, with total sales reaching $103 million over the past week. This 28% increase marks the highest weekly volume since July 2024. Driving factors include the crypto market’s latest rally and renewed interest following Donald Trump’s re-election.

• NFT market reverses a four-week downtrend with a 28% sales boost.

• Ethereum, Bitcoin, and Solana dominate top NFT blockchains.

• Top-selling NFTs include BRC-20 collections, DMarket, and CryptoPunks.

• U.S. political shifts spark renewed NFT interest and optimism for Q4.

NFT sales over the past week | Source: NonFungible.com 

In a significant turnaround, NFT sales have spiked 28% this week, breaking a month-long downtrend. Data from CryptoSlam shows that the NFT market recorded $103 million in trading volume, led by interest in Ethereum-based NFTs. The increase was boosted by major developments in the U.S. political landscape, as Trump’s win against Kamala Harris brought renewed focus to blockchain and NFT sectors.

Top 3 blockchains for NFT sales (24h) | Source: CryptoSlam 

Ethereum remains the top choice for NFT trading, with collections on this blockchain generating $34 million in sales, up 30% from last week. Bitcoin follows closely, with Ordinals-based NFTs climbing to $30 million—an impressive 102% increase. Solana and Mythos Chain secured the third and fourth spots, while Polygon rounded out the top five. However, Solana and Polygon saw slight declines in volume, reflecting shifting preferences among traders.

Read more: Top Solana NFT Projects to Keep an Eye On

Top 10 NFT collections (24h) | Source: CryptoSlam 

1. $?? BRC-20 Collection: Dominating with $12 million in sales, this Bitcoin-based collection surged by 423%, leading the NFT market.

2. DMarket: Known for gaming assets, DMarket on Mythos Chain recorded $5.5 million in sales, despite a slight decline.

3. CryptoPunks: This iconic Ethereum collection saw a resurgence, reaching $3.4 million in sales—a 186% increase.

4. Bitcoin Puppets: Utilizing Bitcoin’s Ordinals protocol, Bitcoin Puppets generated $3 million in sales, up 53%.

5. Guild of Guardians: A gaming NFT on Ethereum, Guild of Guardians recorded $2.9 million, with minor declines.

Read more: Top NFT Projects in the Bitcoin Ecosystem to Watch in 2024

Analysts expect the NFT market to strengthen in Q4, especially as the U.S. embraces pro-crypto leadership. Regulatory changes are anticipated, with a focus on creating a framework for NFT marketplaces. With rising institutional interest and increased market adoption, NFTs are poised for a strong close to the year.

The NFT market's upward trajectory and increasing interest among both casual collectors and institutional investors signal a promising future.

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