As a seasoned analyst with over two decades of experience in the digital asset market, I have witnessed numerous ups and downs, booms and busts. The recent surge in NFT volumes, after seven months of a steady decline, is a breath of fresh air. It’s like watching a phoenix rise from the ashes, proving yet again that the crypto world is full of surprises.
In October, non-fungible tokens (NFTs) bucked a seven-month slide, with sales of digital collectibles surging by 18%.
After hitting a record high of $1.6 billion in March 2024, the trading volume of NFTs has been steadily decreasing since then.
It continued through September when NFTs reached their lowest monthly volume since 2021.
NFTs record a $356 million monthly volume in October
Data from CryptoSlam indicates that the total value of Non-Fungible Token (NFT) transactions was approximately $300 million in September 2024, marking a 20% decline compared to August’s record high. Interestingly, despite a downward trend throughout 2024, NFT sales experienced a temporary surge in October.
By October 2024, Non-Fungible Tokens (NFTs) saw a trading volume of $356 million, marking an 18% growth compared to the previous month. This significant rise in NFT sales has ended a seven-month slump in monthly sales for digital collectibles, indicating a renewed interest and demand.
Additionally, the number of NFT transactions saw a rise. In October alone, there were approximately 7.2 million such transactions, representing a 42% jump compared to the 5 million transactions recorded in September.
In addition to witnessing an upward trend in its monthly growth, Non-Fungible Tokens (NFTs) saw a significant spike in their weekly volumes during October. Specifically, from September 30th through October 6th, NFT sales were at their strongest since August, totaling more than $84 million, as reported by CryptoSlam.
In the past month, the NFT collection on the DMarket platform, named Mythos Chain, recorded a staggering $33 million in sales, making it the leader in sales volume. Trailing closely behind is another NFT collection, Guild of Guardians Heroes, based on Immutable, which achieved a sale volume of $13 million.
In October, there was significant trading activity for digital art collections built on the Bitcoin and Ethereum platforms, such as Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks.
Solana’s all-time NFT volume nears $6 billion
Beyond Bitcoin and Ethereum NFTs, Solana-created collectibles also made it to the top 10 collections by sales volume in October. Notable Solana NFTs such as DogeZuki, Froganas, and Retardio Cousins racked up a combined total of nearly $25 million in sales last month.
In October alone, the total sales volume of Non-Fungible Tokens (NFTs) built on the Solana network reached an impressive $67 million, accounting for approximately 19% of the entire monthly NFT sales volume. This significant contribution has boosted Solana’s all-time NFT sales volume to nearly $6 billion, making it the second most popular blockchain in terms of total NFT sales.
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2024-11-02 22:04