NFTs Weekly Sales Volumes Hit Highest Level Since August

Weekly sales volumes of non-fungible tokens (NFTs) have surged, reaching the highest levels since August after experiencing a period of lagging sales amid a broader market downturn.

According to data from the NFT market tracker CryptoSlam!, weekly NFT sales between September 30 and October 6 exceeded $84.9 million. This figure marks the highest weekly sales volume since the week ending August 25, when NFT sales topped $93 million.

Historically, the weekly sales volume for NFTs peaked at over $2.2 billion during the week of August 23 to August 29, 2021, as reported by CryptoSlam!.

Performance of Top Blockchains

Despite the overall increase in NFT sales, three of the top five blockchains for NFTs—Bitcoin, Ether, and Solana—recorded lower trading volumes compared to the previous week.

In contrast, Mythos Chain emerged as a notable contender, registering substantial gains. It climbed to second place behind Ethereum with over $15 million in sales, reflecting a staggering 6,000% increase over the past seven days.

Polygon also performed well, experiencing a 210% rise in weekly sales volume.

The NFT collection Dmarket dominated sales in the last week, achieving over $14 million across 537,714 transactions.

Rise in Buyer Activity

In addition to the increase in total weekly sales volume, the number of NFT buyers has also risen. CryptoSlam! data reveals that more than 839,000 NFT buyers participated in the last seven days, marking an almost 22% increase from the previous week.

There was a notable uptick in transactions as well, with over two million total recorded, representing a 71% jump from the prior week.

Despite the recent surge in activity, the broader NFT market continues to grapple with challenges in regaining ground and achieving the highs seen in previous years. According to CryptoSlam!, NFTs recorded $303 million in sales in September, a decrease from $373 million in August.

So far, March 2024 has been the market’s strongest month, with total sales volume reaching $1.6 billion.

Lifespan of NFT Collections

An August 20 report by NFT Evening analysts indicated that 96% of the approximately 5,000 NFT collections examined were considered inactive in 2024. Notably, over a third of these collections became defunct in 2023.

The report found that the average lifespan of NFT collections was just over a year, highlighting the volatile nature of this digital asset class.

The recent uptick in NFT sales volumes, coupled with an increase in buyer activity, suggests a resurgence of interest in the NFT market. However, the persistent challenges faced by many collections indicate that the market is still navigating a complex landscape.

As the NFT ecosystem continues to evolve, it will be crucial for creators, investors, and collectors to stay informed about trends and market dynamics. The volatility and short lifespan of many collections serve as a reminder of the inherent risks involved in this rapidly changing space.