The non-fungible token (NFT) market has seen a significant recovery after weeks of sluggish performance. According to the latest data from CryptoSlam, weekly NFT sales volumes have reached over $84.9 million between Sept. 30 and Oct. 6, the highest level since late August when sales surpassed $93 million. This resurgence comes as a welcome relief for the NFT market, which has been grappling with broader market downturns.
After suffering from declining sales for several weeks, the NFT market is finally seeing signs of recovery. Weekly sales volumes for NFTs had been on a downward trend since August, following a broader market slump. However, the recent boost in sales reflects renewed interest, though it’s a far cry from the market’s peak in 2021. At its height, weekly NFT sales soared to over $2.2 billion, marking the period from Aug. 23 to Aug. 29, 2021, as one of the most profitable weeks in NFT history.
Despite the overall increase in weekly sales, not all blockchains have benefited equally. Three of the top five blockchains for NFTs—Bitcoin, Ethereum, and Solana—registered lower trading volumes compared to the previous week. Bitcoin, in particular, saw a decline in its NFT trading, while Ether and Solana also lost ground. However, Mythos Chain emerged as a standout, with a massive 6,000% gain in sales volume, placing it second only to Ethereum with over $15 million in sales. Polygon also saw positive results, boasting a 210% increase in its weekly sales volume.
One of the top-performing NFT collections in the last week was Dmarket, which recorded over $14 million in sales from more than 537,000 transactions. Alongside the spike in sales volumes, there was a notable rise in the number of NFT buyers. According to CryptoSlam, over 839,000 buyers were active in the NFT market last week, a 22% increase from the previous period. This also led to a significant jump in total transactions, which rose by 71%, exceeding two million.
Despite these positive trends, the broader NFT market continues to face challenges in regaining its former glory. Sales in September were down to $303 million, a decline from August’s $373 million. March 2024 was the strongest month of the year for NFTs, with a sales volume of $1.6 billion. Additionally, many NFT collections have become inactive, with a report indicating that 96% of around 5,000 collections analyzed in 2024 are now considered "dead." This includes over a third that ceased activity in 2023, highlighting the volatility and short lifespan of NFT projects.
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