NFT sales reach highest level since August, despite market decline

Sales volumes of non-fungible tokens (NFTs) have reached their highest level since August, following a period of disappointing performance in a bear market.

From data from NFT market tracker CryptoSlam! shows that sales between September 30 and October 6 totaled more than $84.9 million.

Highest sales volume since August

It’s the highest weekly sales volume since the week ending August 25, when sales exceeded $93 million. By comparison, at its peak during the week of August 23 to 29, 2021, weekly sales volume for NFTs rose to more than $2.2 billion.

Grow Mythos Chain and Polygon

Despite the recent uptick in overall sales, three of the five largest blockchains for NFTs saw a decline in trading volumes. Bitcoin, Ethereum and Solana performed less well compared to the previous week. However, Mythos Chain was a positive exception, with a significant increase of more than 6,000% to more than $15 million in turnover in the past seven days. Polygon also saw a rebound, with a 210% increase in weekly sales volume.

NFT collection Dmarket dominates

The NFT collection Dmarket recorded the highest turnover last week, with more than $14 million across 537,714 transactions. In addition, the number of NFT buyers also increased: CryptoSlam! reports more than 839,000 buyers in the past seven days, up nearly 22% from the previous week. The number of transactions also increased, with more than two million transactions registered, an increase of more than 71%.

NFT market remains challenging

Despite these positive developments, the broader NFT market continues to struggle to reach the levels of previous years. The market generated $303 million in revenue in September, up from $373 million in August. March 2024 remains the strongest month to date, with sales volume reaching $1.6 billion.

A report from NFT Evening on August 20 found that 96% of the approximately 5,000 NFT collections surveyed will be considered ‘dead’ by 2024, with more than a third becoming inactive as early as 2023. The average lifespan of NFT collections is just over a year.

Conclusion: Upturn in a declining market

The recent increase in sales volumes shows that there is still interest in NFTs, despite the challenges the market is experiencing. Mythos Chain and Polygon in particular are showing strong growth figures. Still, it is important for the broader market to maintain momentum to regain the highs of previous years.