For the week ending October 6, NFT sales volumes surged to nearly $85 million, marking the highest selling week since late August. According to data from the NFT market tracker CryptoSlam!, weekly sales from September 30 to October 6 totaled over $84.9 million, a notable rebound after several weeks of sluggish sales amid a broader market downturn.
This recent surge is still below the peak weekly NFT sales of over $93 million recorded for the week ending August 25. At its height, the NFT market saw weekly sales volumes exceeding $2.2 billion during the week of August 23-29, 2021.
Despite the overall increase in sales volume, three of the top five blockchains for NFTs—Bitcoin, Ether, and Solana—experienced declines in trading volumes compared to the previous week. In contrast, Mythos Chain emerged as a standout performer, spiking over 6,000% in weekly sales to secure the second position behind Ethereum, with sales exceeding $15 million. Polygon also saw a significant uptick, with weekly sales volume rising by 210%.
Source: CryptoSlam!
The NFT collection Dmarket led sales during the week, generating over $14 million across 537,714 transactions. Additionally, the number of NFT buyers rose sharply, with CryptoSlam! reporting more than 839,000 buyers in the last seven days—an increase of nearly 22% from the prior week. Transaction volume also saw a substantial rise, with over two million recorded, reflecting a 71% jump.
Despite the recent uptick in activity, the NFT market continues to struggle to regain the highs of previous years. Data indicates that NFTs generated $303 million in sales in September, down from $373 million in August. The strongest month for the market in 2024 remains March, which recorded $1.6 billion in sales volume.
Source: CryptoSlam!
An August 20 report from NFT Evening analysts revealed that 96% of approximately 5,000 examined NFT collections were inactive in 2024, with more than a third failing in 2023. The average lifespan of NFT collections was found to be just over a year, highlighting the challenges faced in sustaining interest and value in the market.
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