NFTs recorded a monthly sales volume of $356 million in October, an 18% increase from the September record low.
Non-fungible tokens (NFTs) broke their seven-month downward trend in October as digital collectibles recorded an 18% increase in volume.
Since recording a monthly volume of $1.6 billion in March, its highest in 2024, NFT volumes have been on a downward trajectory.
It continued through September when NFTsreached their lowest monthly volumesince 2021.
CryptoSlam datashowsthat NFTs only had a volume of about $300 million in September 2024, a 20% decrease from Augustâs record. However, despite continuously getting lower in 2024, NFTsâ monthly sales volume saw a brief recovery in October.
NFT monthly sales volume for 2024. Source: CryptoSlam
In October 2024, NFTs recorded a volume of $356 million, an 18% month-on-month increase. The upward surge in NFT sales breaks the seven-month downturn in monthly sales for digital collectibles.
NFTs also had an increase in total number of transactions. In October, NFT transactions totaled 7.2 million, a 42% increase from Septemberâs five million transactions.
Besides its monthly volume increase, NFT weekly volumesreached a high in October. Between Sept. 30 and Oct. 6, NFTs showed their strongest weekly sales since August, topping out at over $84 million, according to CryptoSlam.
NFT collections with the most sales volume in the last 30 days. Source: CryptoSlam
Mythos Chain-based NFT collection DMarket led the last 30 days in sales volume with $33 million in sales. The collection was followed by the Immutable-based collection Guild of Guardians Heroes, which had a volume of $13 million.
Bitcoin and Ethereum-based collections like Bitcoin Puppets, Bored Ape Yacht Club and CryptoPunks showed strong volumes in October.
Apart from Bitcoin and Ethereum NFTs, Solana-based collectibles are also on the list of the top 10 collections by sales volume in October. Solana NFTs like DogeZuki, Froganas and Retardio Cousins had a combined record of almost $25 million in sales last month.
Blockchains by all-time NFT sales volume. Source: CryptoSlam
Collectively, Solana-based NFTs recorded a 30-day sales volume of $67 million in October, taking up 19% of the overall NFT monthly volume for the month. This brings Solana-based NFTsâ all-time sales volume to almost $6 billion, as it remains the second-ranked blockchain in overall NFT sales.
https://cointelegraph.com/news/nft-volume-increase-october-2024