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The non-fungible token (NFT) market experienced a resurgence in October, witnessing an 18% rise in sales volume, reversing a seven-month downward trajectory.
As per data from CryptoSlam, NFTs achieved a monthly volume of $356 million, an increase from September’s low of around $300 million, which was the lowest figure since 2021.
NFT trading had been on a consistent decline since March, when monthly volumes reached a peak of $1.6 billion.
NFT Market Declines 20% in September
By September, the market had contracted significantly, with volumes falling 20% compared to August.
However, October signified a brief yet significant recovery for digital collectibles.
The increase in October was not only reflected in dollar amounts; transaction counts also surged, totaling 7.2 million for the month, marking a 42% rise from September’s five million transactions. Weekly data further indicated increased activity.
From Sept. 30 to Oct. 6, NFT sales achieved their strongest weekly performance since August, with trades exceeding $84 million.
The leading NFT collections last month included the Mythos Chain-based DMarket, which generated $33 million in sales over a 30-day period.
Following closely was the Immutable-based Guild of Guardians Heroes, which recorded a volume of $13 million.
Notable Bitcoin and Ethereum-based collections, such as Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks, also demonstrated strong performance in October.
Solana-based NFTs made a significant impact in October, with collections like DogeZuki, Froganas, and Retardio Cousins collectively achieving nearly $25 million in sales.
Solana’s NFT ecosystem reached a total monthly volume of $67 million, representing 19% of the overall NFT market.
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This increase elevated Solana’s cumulative sales volume to nearly $6 billion, reinforcing its status as the second most active blockchain for NFT transactions.
The uptick in NFT sales underscores a renewed interest in digital assets, particularly on Solana, which continues to capture a substantial market share.
CryptoPunks NFT Sold at 80% Discount
While the NFT market has shown slight recovery recently, it remains at a low point compared to the peaks of 2021.
Recently, a CryptoPunk NFT that sold for $23.2 million in 2022 was resold at an 80% discount for 1,500 ETH, approximately valued at $3.9 million.
The original owner, Deepak Thapliyal, who acquired the NFT for 8,000 ETH, announced the sale on X (formerly Twitter).
The new owner, VOMBATUS, later confirmed the acquisition, likening the low price to obtaining a “free” token.
1500 eth
— VOMBATUS (@vombatus_real) August 19, 2024
The NFT, CryptoPunk #5822, was subsequently re-listed for 5,000 ETH, suggesting a potential 45% loss for Thapliyal if sold at that price.
Meanwhile, there has been a trend of companies withdrawing from the NFT sector.
In March, Starbucks, the well-known multinational coffee chain, decided to end its NFT rewards program.
In January, gaming retailer GameStop announced the closure of its NFT marketplace after reducing its crypto services over the past two years.
More recently, X, under Elon Musk’s ownership, discontinued a feature that allowed premium users to utilize NFT images as their profile pictures.
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