In a notable recovery, the sales volume for non-fungible tokens (NFTs) rose to $356 million in October, marking an 18% increase from the previous month, which had seen the lowest levels since 2021. This turnaround breaks a seven-month streak of decreasing volumes, providing a much-needed boost for the digital collectibles market.
The downturn that began after a peak of $1.6 billion in March 2024 continued until September, when NFT sales plummeted to approximately $300 million—a 20% drop from August. However, October’s performance signals a resurgence.
Transaction numbers also spiked, with a total of 7.2 million NFT transactions recorded in October, reflecting a 42% increase from the previous month. Notably, the week between September 30 and October 6 saw sales surpassing $84 million, representing the strongest weekly performance since August.
In the past month, the NFT collection DMarket, based on Mythos Chain, led sales with $33 million, followed by the Immutable collection Guild of Guardians Heroes at $13 million. Collections from Bitcoin and Ethereum, including Bitcoin Puppets and Bored Ape Yacht Club, also demonstrated strong sales.
Additionally, Solana-based NFTs like DogeZuki and Froganas contributed to the top ten collections, with a combined sales volume nearing $25 million. Overall, Solana NFTs accounted for 19% of the total NFT sales in October, bringing their all-time sales volume close to $6 billion, solidifying Solana’s position as the second-largest blockchain for NFT sales.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
