NFT sales soared to the highest level since August

On October 7th, the weekly sales of non-fungible tokens (NFTs) reached the highest level since August, after a previous decline due to the generally sluggish market. Data from NFT market tracker CryptoSlam! shows that sales between September 30th and October 6th exceeded $84.90 million, marking the highest weekly NFT sales since the week of August 25th (sales exceeded $93 million).

 

According to CryptoSlam's data, during the period from August 23 to August 29, 2021, the highest weekly sales of NFTs exceeded $2.20 billion! However, among the top five NFT blockchains, the transaction volume of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) decreased compared to the previous week. In contrast, Mythos Chain saw a significant increase, rising to second place after Ethereum, with sales exceeding $15 million, an increase of over 6,000% in the past seven days. Polygon's weekly sales also increased by 210%.

 

Overall, only two of the top five NFT blockchains achieved positive growth this week. The NFT collection Dmarket recorded the highest sales in the past seven days, with sales exceeding $14 million in 537,714 transactions. In addition to the increase in total weekly trading volume, the number of NFT buyers also increased, according to CryptoSlam! data, with over 839,000 NFT buyers in the past seven days, an increase of nearly 22% from the previous week. The transaction volume also increased significantly, with a total record of over 2 million transactions, an increase of over 71% from the previous week.

 

Despite these gains, the broader NFT market is still struggling to recover from the highs of previous years. According to CryptoSlam!, NFT sales in September were $303 million, down from $373 million in August. So far, the strongest month for the market in 2024 has been March, with sales reaching $1.60 billion. A report released by NFT Evening analysts on August 20th showed that among the approximately 5,000 NFT collections examined, 96% will be inactive in 2024, and over one-third will be inactive in 2023. The report points out that these collections have no trading activity, sales, or social media participation for more than a week, and the average lifespan of NFT collections is just over a year.

 

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