NFT Weekly Sales Surge 94% as Crypto Market Continues Bullish Run

NFT sales volumes rebounded as Bitcoin and other crypto markets rallied. In the week to Nov. 17, digital collectibles surged by 94%

NFT sales volume surged 94% in the week to Nov. 17, reaching $181 million across different blockchains. The increase comes amid a bullish period for the crypto market, with Bitcoin and other major coins rallying.

Ethereum led the NFT sales surge with $67 million in sales volume, followed by Bitcoin with $60 million and Solana with $26 million. The average value of NFT transactions also increased to $133.08 from $71.11 in the previous week.

notably, NFT sales volume had declined significantly in recent months, following a peak in January. However, the sales numbers began to recover in October, coinciding with the broader crypto market rally.

In other NFT news this week, McDonald’s partnered with NFT project Doodles for its online promotion, and former professional basketball player Shaquille O’Neal settled an Astral NFTs lawsuit for $11 million.

Here’s a closer look at these stories and other highlights.

NFT weekly sales surge 94% as crypto market continues bullish run

NFT sales volumes rebounded as Bitcoin and other crypto markets rallied. In the week to Nov. 17, digital collectibles surged by 94%, recording a sales volume of $181 million across different blockchains.

Ethereum, Bitcoin and Solana led the surge. Ethereum recorded an NFT sales volume of $67 million for the week, while Bitcoin had $60 million and Solana had $26 million.

Within the week, NFT transactions’ average value increased to $133.08 from $71.11.

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McDonald’s partners with Doodles for collector cups, online promotion

Mcdonald’s partnered with NFT project turned media franchise Doodles in a promotion called McCafé x Doodles Holiday cups. The campaign is called “GM Spread Joy” and features limited-edition cups with Doodles-inspired art.

Those who purchase the cups can win animated content and digital wearables on the McDonald’s app. McDonald’s said it chose Doodles because it is an “agent of change” in the cultural landscape.

McDonald’s chief marketing officer, Tariq Hassan, said Doodles reaches beyond digital assets and described the projects as an “entertainment brand in itself with a fearless community.”

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NBA legend Shaquille O’Neal signs $11 million Astrals NFT settlement

Former NBA player and commentator Shaquille O’Neal signed an $11 million settlement over promoting the Astrals NFT project. He will pay $11 million in exchange for the dismissal of a lawsuit.

The NFT collection comprised 10,000 artworks created by Damien Guimoneau. However, buyers of the digital collectibles claimed to have suffered financial losses when the NFTs dropped in value.

The basketball legend said while he had not abandoned the project, he had decided to settle the lawsuit by paying the settlement.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.