Non-fungible token (NFT) sales surged for the week ending October 6, reaching nearly $85 million, marking the highest weekly sales volume since late August.
According to data from NFT market tracker CryptoSlam!, sales between September 30 and October 6 amounted to more than $84.9 million. This was the largest NFT sales week since the end of August, when sales exceeded $93 million.
While NFT sales volumes once peaked at over $2.2 billion during the week of August 23-29, 2021, the recent increase is a positive sign amidst an overall downturn in the crypto market.
However, some of the major blockchains for NFTs saw a decline in trading volume this past week. Bitcoin, Ethereum, and Solana all experienced drops compared to the previous week. On the other hand, the Mythos Chain made significant gains, rising to second place after Ethereum, with over $15 million in sales—a remarkable increase of more than 6,000%. Polygon also performed well, with a 210% jump in sales volume.
Among individual collections, Dmarket stood out with the highest sales over the past week, reaching over $14 million across 537,714 transactions.
Additionally, the number of NFT buyers increased, with over 839,000 buyers in the last seven days—an almost 22% rise from the previous week. There was also a notable rise in the total number of transactions, with over two million recorded, representing a 71% jump.
Despite the recent uptick in sales, the broader NFT market continues to face challenges in recapturing the extraordinary highs seen in previous years. However, the increase in buyer activity and transactions could signal the beginning of a recovery.
Summary Review: While the NFT market has faced challenges in regaining the momentum of previous years, the recent increase in weekly sales volume and buyer activity suggests renewed interest. With sales hitting their highest levels since August and more participants engaging in transactions, this upward trend could indicate a potential rebound. However, the broader market still has a way to go before reaching the record-breaking heights seen in the past.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
