Weekly NFT trade volume surpasses $300 million for the first time

The weekly trade volume of non-fungible tokens has surged past $339 million, according to data collected by The Block. 

This marks a more than 70% increase from mid-July, when the NFT weekly trade volume peaked at $209.27 million. Before that, the weekly volume high was $197 million reported in February, as shown in the chart below:

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CryptoPunks accounted for the majority of the latest weekly figure, coming in at $207 million. Axie Infinity accounted for $127 million and NBA Top Shot accounted for about $4 million. The average NFT transaction value has also increased, hitting an average of $34,600 after a series of CryptoPunk sales earlier this week. 

However, the number of weekly NFT transactions is still in decline as of July 26, with the last peak happening in May. NBA Top Shot has consistently accounted for the majority of transactions since it launched. 

Although trade volumes declined slightly after peaking in March, NFT activity has picked back up in recent weeks. Brands, celebrities, and other entities continue minting their own unique tokens. NFT marketplaces have continued to develop, with platforms like OpenSea and Rarible securing funding recently.

About Author

Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.