The non-fungible token (NFT) market has seen a significant resurgence in sales volumes over the past week, with data from CryptoSlam! showing that weekly sales between Sept. 30 and Oct. 6 topped out at more than $84.9 million.
A Return to Form for NFT Sales Volumes
This marks the highest weekly NFT sales volume since August 25, when it exceeded $93 million. The news comes as a welcome respite from weeks of lagging sales amid a broader market downturn. Weekly sales volumes for NFTs have suffered a downward trend since August, with some platforms experiencing significant declines in trading activity.
A Look Back at the Peak
At its peak, the weekly sales volume for NFTs was over $2.2 billion, which it achieved from Aug. 23 to Aug. 29, 2021, according to CryptoSlam!. This figure represents a staggering amount of money spent on digital collectibles and artwork.
Market Trends: A Mixed Bag
However, not all NFT blockchains have experienced the same level of growth as others. Three of the top five blockchains for NFTs registered lower trading volumes compared to the previous week. Bitcoin (BTC), Ether (ETH), and Solana (SOL) lost ground in this regard.
The Dark Horse: Mythos Chain
However, there was one notable exception – Mythos Chain, which led the pack in gains with a significant spike to second place next to Ethereum. The platform saw over $15 million in sales, representing a more than 6,000% gain in the last seven days.
Polygon on the Rise
Another blockchain that performed well was Polygon, which experienced a 210% rise in weekly sales volume.
Top NFT Blockchains: A Mixed Bag
Only two of the top five NFT blockchains were in the green for the week, highlighting the ongoing struggles faced by the broader market. The data from CryptoSlam! serves as a reminder that the NFT space is still recovering from the downturn experienced earlier this year.
NFT Sales Leaders: Dmarket Takes the Crown
The highest sales of the last seven days were recorded by the NFT collection Dmarket, with over $14 million across 537,714 transactions. This impressive figure represents a significant increase in activity for the platform.
Buyer and Transaction Numbers on the Rise
Not only did total weekly volume increase, but the number of NFT buyers also saw an almost 22% boost from the previous week, with over 839,000 buyers recorded. Total transactions increased by more than a 71% jump, with over two million recorded.
The Broader Market: Still Struggling to Regain Ground
Despite these positive signs, the broader NFT market is still struggling to regain ground and reach the highs of previous years. The market’s strongest month for 2024 was March, when it recorded $1.6 billion in sales volume.
NFT Collection Lifespan: A Concerning Trend
A recent report by NFT Evening analysts suggested that 96% of about 5,000 NFT collections they examined were "dead" in 2024, with over a third kicking the bucket in 2023. The average lifespan of NFT collections was found to be just over a year.
Conclusion
The recent surge in NFT sales volumes is a welcome sign for those invested in the space. However, it remains to be seen whether this trend will continue and whether the broader market can regain its footing.
