For the week ending October 6, NFT sales volumes surged to nearly $85 million, bringing in the strongest week for NFTs since late August.
Sales data shows a positive trend, finally
CryptoSlam data shows that sales between September 30 and October 6 reached over $84.9 million.
This figure is the highest since the week ending August 25, when sales exceeded $93 million.
For comparison, at their peak, weekly NFT sales volumes soared to over $2.2 billion from August 23 to August 29, 2021.
So now the overall sales improved, but three of the top five blockchains for NFTs—Bitcoin, Ether, and Solana—saw lower trading volumes compared to the previous week.
In contrast, Mythos Chain experienced a quite unexpected increase, moving up to second place overall behind Ethereum with more than $15 million in sales, marking a nice gain of over 6,000% in just seven days.
Polygon also performed well, showing a 210% rise in weekly sales volume.
Increased buyer activity, but also market challenges too
The NFT collection Dmarket led sales for the past week with over $14 million across 537,714 transactions.
Alongside the rise in total weekly volume, the number of NFT buyers also grew.
CryptoSlam reported that there were over 839,000 NFT buyers in the last seven days, which is nearly a 22% increase from the previous week.
The total number of transactions also jumped big time, surpassing two million and reflecting a more than 71% increase from the week before.
The empty shell of the former glory?
The broader NFT market still struggles to recover from previous highs. In September, NFTs generated $303 million in sales, down from $373 million in August.
The strongest month so far for the market this year was March, which saw $1.6 billion in sales volume.
An August 20 report by NFT Evening analysts revealed that around 96% of approximately 5,000 NFT collections examined are inactive in 2024, with over a third having ceased activity in 2023.
The report noted that these collections had no trading activity or social media engagement for more than a week and that the average lifespan of NFT collections is just over a year.
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