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Non-fungible tokens (NFTs) are experiencing a revival in sales, with weekly sales volumes reaching their peak levels since August.
Data from CryptoSlam, a platform that monitors the NFT market, indicates that sales from September 30 to October 6 exceeded $84.9 million, signifying a significant rebound after several weeks of lackluster performance.
This recent increase marks the highest weekly sales since the week ending August 25, when sales volume surpassed $93 million.
For reference, the all-time peak for weekly NFT sales occurred from August 23 to August 29, 2021, when volumes exceeded $2.2 billion, as reported by CryptoSlam.
NFT Sales on Mythos Chain Soar 6,000%
While the market recovery is promising, not all blockchains are experiencing the same level of benefit.
Among the leading five blockchains for NFTs, Bitcoin, Ethereum, and Solana experienced declines in trading volumes compared to the previous week.
In contrast, the Mythos Chain emerged as a notable winner, achieving over $15 million in sales—a remarkable 6,000% increase over the past week, making it the second most active blockchain following Ethereum.
Polygon also showed positive growth, with a 210% rise in its weekly sales volume.
Leading individual collections, Dmarket topped the rankings, generating more than $14 million in sales through 537,714 transactions over the week.
Alongside the increase in sales, the number of NFT buyers also rose.
CryptoSlam data shows that over 839,000 buyers entered the market in the past week, reflecting a 22% increase from the previous period.
Furthermore, the total number of transactions surpassed two million, indicating a significant 71% rise.
Despite these advancements, the broader NFT market continues to face challenges in regaining the momentum it had in prior years.
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In September, total NFT sales reached $303 million, down from $373 million in August. The peak month for 2024 thus far remains March, with $1.6 billion in sales.
A report by NFT Evening from August highlighted the industry’s difficulties, noting that approximately 96% of the 5,000 collections analyzed were inactive by 2024, with many having ceased activity the year prior.
The average lifespan of an NFT collection is just over a year, illustrating the rapid changes and volatility of the market.
CryptoPunks NFTs Sold at 80% Discount
While the NFT market has seen a slight recovery recently, it still remains at a low point compared to the highs of 2021.
Recently, a CryptoPunk NFT that sold for $23.2 million in 2022 was resold at an 80% discount for 1,500 ETH, valued at approximately $3.9 million.
The original owner, Deepak Thapliyal, who acquired the NFT for 8,000 ETH, bid farewell to the token on X (formerly Twitter).
The new buyer, VOMBATUS, later confirmed the acquisition, likening the low price to obtaining a “free” token.
1500 eth
— VOMBATUS (@vombatus_real) August 19, 2024
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 scaling back its crypto services over the last 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.
The post NFT Weekly Sales Surge to Highest Levels Since August Amid Market Recovery appeared first on Cryptonews.
