After weeks of stagnation, NFT sales have surged, approaching $85 million in the first week of October. This marks the highest weekly sales volume in the NFT market since the end of August. The rise in NFT sales is notable as the overall crypto market shows signs of recovery.
Signs of Revival in the NFT Market
According to data provided by CryptoSlam, NFT sales exceeded $84.9 million between September 30 and October 6. This is the highest volume since the $93 million recorded in the week ending on August 25. However, current numbers are still far from the peak of August 2021, when weekly sales surpassed $2.2 billion.
Despite the general uptick, three of the five largest blockchains saw lower transaction volumes compared to the previous week. Bitcoin, Ethereum, and Solana saw declines, while Mythos Chain surged to the second position behind Ethereum with over $15 million in sales. Remarkably, Mythos Chain saw its NFT trading volume increase by more than 6,000% in the past seven days. Polygon also recorded a 210% increase, landing in the “green zone.”
Renewed Interest in NFT Collections
The revival of interest in NFT collections is another indicator of the market’s rebound. Dmarket emerged as the most-traded NFT collection of the week, processing 537,714 transactions and generating over $14 million in volume. Additionally, the increase in NFT buyers further highlights the market’s recovery. According to CryptoSlam, there were over 839,000 buyers in the last seven days, a 22% increase from the previous week. The number of transactions also rose by 71%, surpassing two million.
The Market Still Lags Behind Previous Highs
Despite the positive developments, the NFT market remains far from its previous highs. In September, total NFT sales were around $303 million, down from $373 million in August. The strongest month for NFT sales in 2024 was March, when the total volume reached $1.6 billion. These fluctuations indicate that despite signs of a recovery, the market remains generally sluggish.
Moreover, many NFT collections continue to struggle to survive. A report published by NFT Evening in August revealed that 96% of the 5,000 NFT collections analyzed were “dead” by 2024. A third of these collections ended in 2023, with an average lifespan of less than a year.
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NFT market, CryptoSlam, Mythos Chain, Polygon, Ethereum
