NFT Sales Surge To Highest Level Since August

According to Cointelegraph, weekly sales volumes of non-fungible tokens (NFTs) have reached their highest level since August, following a period of declining sales amid a broader market downturn. Data from the NFT market tracker CryptoSlam! indicates that sales between Sept. 30 and Oct. 6 exceeded $84.9 million, marking the highest weekly NFT sales volumes since the week ending Aug. 25, which saw over $93 million in sales. At its peak, the weekly sales volume for NFTs was over $2.2 billion, achieved from Aug. 23 to Aug. 29, 2021, according to CryptoSlam! However, three of the top five blockchains for NFTs, including Bitcoin (BTC), Ether (ETH), and Solana (SOL), registered lower trading volumes compared to the previous week. In contrast, Mythos Chain saw a significant spike, rising to second place overall under Ethereum with over $15 million in sales, representing an over 6,000% gain in the last seven days. Polygon also experienced a 210% increase in weekly sales volume. Overall, only two of the top five NFT blockchains showed positive growth for the week. The NFT collection Dmarket recorded the highest sales in the last seven days, with over $14 million across 537,714 transactions. In addition to the increase in total weekly volume, the number of NFT buyers also rose, with CryptoSlam! data showing over 839,000 NFT buyers in the last seven days, a nearly 22% increase from the previous week. There was also a significant rise in transactions, with over two million total recorded, a more than 71% jump from the previous week. Despite these gains, the broader NFT market continues to struggle to regain the highs of previous years. Data from CryptoSlam! shows that NFTs recorded $303 million in sales in September, down from $373 million in August. The market's strongest month for 2024 so far was March, with $1.6 billion in sales volume. An Aug. 20 report by NFT Evening analysts suggested that 96% of around 5,000 NFT collections examined are inactive in 2024, with over a third becoming inactive in 2023. The report indicated that these collections had no trading activity, sales, or social media engagement for more than a week, with the average lifespan of NFT collections found to be just over a year.