NFT sales have surged to their highest level since August after a period of slow activity due to the broader market slump. According to CryptoSlam, NFT sales from Sept. 30 to Oct. 6 exceeded $84.9 million. Non-fungible token sales have hit their highest weekly volume since late August, reaching over $93 million. This is still a far cry from the market’s peak when weekly sales rose more than $2.2 billion between Aug. 23 and 29, 2021.
Moreover, three of the top five NFT blockchains saw a drop in trading volumes last week, with Bitcoin, Ether, and Solana losing some momentum. Meanwhile, Mythos Chain made a huge leap, jumping to second place right behind Ethereum.
It recorded over $15 million in sales, a staggering 6,000% increase in just seven days. In the past week, the Dmarket non-fungible token collection topped sales charts, raking in over $14 million through 537,714 transactions.
September NFT sales decline to $303 million
Along with this surge in total weekly sales, the number of NFT buyers also significantly increased. According to data from CryptoSlam, more than 839,000 people purchased NFTs in the last seven days, marking a nearly 22% rise compared to the previous week.
There was a significant surge in transactions, with over two million recorded, an impressive 71% increase compared to the previous week. However, the overall NFT market continues to face challenges in recovering from the peaks seen in earlier years. Data from CryptoSlam shows that NFT sales reached $303 million in September, a decline from $373 million in August.
March was the standout month for the market in 2024, boasting an impressive sales volume of $1.6 billion. However, a report from NFT Evening analysts on Aug. 20 revealed some concerning trends: they found that 96% of the roughly 5,000 NFT collections they studied were inactive this year, with more than a third having failed in 2023. On average, NFT collections only seem to last slightly over a year.
