In October, non-fungible tokens (NFTs) experienced a recovery, resulting in an 18% increase in monthly sales volume, which reached $356 million, thereby ending a seven-month decline.
This growth represents a positive development, as CryptoSlam data indicates that NFTs experienced their lowest monthly volume of $300 million in September 2024, which was the lowest since 2021.
In October, there was a 42% increase in the number of NFT transactions, which reached 7.2 million from 5 million in September. This increase is indicative of a renewed interest in digital collectibles.
In October, weekly sales volumes attained their greatest level since August, with $84 million in the first week. Collections from the Mythos chain, including DMarket, dominated the market with $33 million in sales, while Immutable’s Guild of Guardians Heroes followed with $13 million. Other collections, including Bored Ape Yacht Club, CryptoPunks, and Bitcoin Puppets, also demonstrated robust activity.
October sales totaled $67 million for Solana-based NFT, which maintained a consistent presence. Solana is the second-largest NFT sales chain of all time, accounting for 19% of monthly volume, with a cumulative volume that is approaching $6 billion. This increase in the demand for irreplaceable tokens underscores the potential for a recovery as the industry transitions into 2025.
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