In a notable development, Non-Fungible Tokens (NFT) have joined the broader cryptocurrency market’s bullish momentum, with freshly released data from a prominent digital collectible data analytics platform, CryptoSlam, indicating an impressive 94% week-over-week increase in sales.

The staggering 94% surge in NFT sales is due to a dramatic increase in sales volume, which skyrocketed to $181 million over the past seven days, representing a substantial increase from the preceding week’s modest $93 million.

Ethereum Tops Blockchain Charts with $67M in NFT Sales

Among the array of blockchain networks that fueled the massive NFT sales boom during the preceding seven-day period, the Ethereum network topped the list, solidifying its position as the premier blockchain platform.

With a record of $67 million in sales, the Ethereum network increased 111% from the previous week. Bitcoin trailed closely behind, posting impressive sales figures of $60 million, representing a remarkable 115% surge.

Further down the list were additional prominent blockchains, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, which collectively generated $45.5 million in weekly NFT sales.

Beyond the surge in sales volumes, the NFT market also saw a significant spike in transaction values, with the average sale soaring 87% to $133.08, up from $71.11 the previous week.

NFT Market Shrugs Off Regulatory Concerns

Despite ongoing regulatory uncertainties, the latest NFT sales figures suggest that such concerns are not significantly impacting market momentum. In a recent article, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to OpenSea, the world’s largest NFT marketplace.

According to the SEC, OpenSea’s platform hosts certain NFTs that it classifies as securities, as the aim of selling is to generate profits, thereby falling under the SEC’s regulatory purview.

The SEC’s classification is significant because securities are subject to specific regulations and laws, which could impact how these NFTs are traded and sold.

Defying regulatory ambiguity, the space continues to attract significant interest from prominent investors, including blue-chip companies and high-net-worth individuals.

Last year, Flybondi, an Argentinian airline, revealed its plans to adopt blockchain technology in its operations, using non-fungible tokens for flight tickets.

Popular footballer, Lionel Messi, also revealed his intentions to collaborate with the NFT game, Sorare, as an investor and brand ambassador.