NFTs Record Highest Weekly Sales Volumes Since August

After weeks of lagging sales volume due to a broader market downturn, the past seven days brought a significant overturn in the NFTs market.

Non-fungible tokens (NFTs) recorded almost $85 million in sales volumes for the week ending October 6. This value marks the market's most significant weekly sales since ending August.

NFTs' Weekly Sales Volumes Increase To Peak Level Since Ending August

.According to CryptoSlam data, NFTs saw over $84.9 million in weekly sales between September 30 and October 6, their most significant weekly volume since August

This latest value marked the largest for the collections after reaching over $93 million the week ending August 25. This figure is remarkably higher than the past two weeks of September, when NFT sales volume was $75.23 million and $69.38 million, respectively.

Further, CryptoSlam data showed that among the five leading blockchains for NFTs, Bitcoin, Ethereum, and Solana saw declines in trade volumes within the week.

Ethereum, the first on the list, saw a weekly sales volume of $27.45 million, 3.95% lower than the previous week. Similarly, Bitcoin came third with a $13.81 million sales volume, showing a 30.62% drop over the past week. Solana ranked fifth with $11.19 million in sales volume, an 18.13% decrease over the past week.

Conversely, the Mythos Chain led to positive performance. It recorded over $15 million in weekly sales, representing a 6,000% surge from the previous week's total volume.

Following its outstanding performance, Mythos Chain emerged as the week's second-most active blockchain after Ethereum. Similarly, Polygon saw a positive outcome, with a 210% increase in sales volume, hitting $11.45 million.

Meanwhile, Dmarket, an NFT collection, led the trend in weekly individual collections. This NFT witnessed over $14 million in sales via 537,714 transactions within the week.

NFT Market Records A Spike In Buyers And Transactions For The Week

Besides the surge in weekly sales volumes, the NFT market recorded an increase in some key metrics. CryptoSlam data indicated a spike in buyers, reaching 839,000 for the week. This figure represents about a 22% increase compared to the previous week.

Similarly, the market witnessed a rise in transactions, hitting over two, reflecting a 71% increase compared to the number recorded in the previous week.

Despite the recent improvement, the NFT market is still down from its historical peak during the 2021 frenzy. Data shows that NFTs reached their highest weekly sales between August 23 to 29, 2021. During the week, the collectible sales volumes amounted to $2.2 billion.

2024 has not been very favorable for NFTs, with sales gradually plummeting. CryptoSlam data highlighted about $303 million in sales for September, compared to $373 million in August. The market saw its highest sales volume in March when it hit $1.6 billion.

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