NFT Market Shows Signs of Life as Weekly Volumes Climb

All the significant blockchains have seen an increase in NFT sales volumes, with Polygon leading the way with a 123.20% growth.

After seeing a string of volume declines in 2024, the weekly sales volumes of non-fungible tokens on some of the leading blockchains for digital collectibles have begun to rise.

Sales of digital collectibles based on the top 5 blockchains for NFTs had an intense week, according to statistics released on August 26 by non-fungible token tracker CryptoSlam. Volume has increased for Ethereum, Solana, Polygon, and Mythos Chain, with Polygon leading the way with a 123.20% increase in sales over the previous seven days.

Meanwhile, Ethereum increased by 32.79%, and Solana’s weekly sales were 12.13%.

The Bitcoin blockchain was the only one experiencing a minor decline in sales volume over the week, while most of the top five blockchains for NFTs saw fantastic sales numbers. CryptoSlam reports that the blockchain’s sales volume dropped 7.01% from the previous week.

Weekly NFT buyer growth

In addition to a spike in weekly volumes, there have been more non-fungible token purchases in the past week. Over 500,000 NFT purchases have been registered in the last seven days, up 37.97% from the previous week, according to CryptoSlam data.

Last week, there was a rise in non-fungible tokenbuyers throughout the top 10 blockchains for NFTs, with Solana topping the list with 220,304 non-fungible token buyers. With 89,498 customers, Polygon came in second place, while the Ethereum network attracted 44,188 buyers.

Not enough to counteract declines in monthly volume

Even while NFTs are showing signs of life, the slight weekly volume gain is insufficient to reverse a more significant negative trend in the monthly sales volumes of the non-fungible token market.

In 2024, the market for digital collectibles experienced a 45% decrease in the second quarter. With $2.24 billion in revenue, non-fungible tokens had its worst result since the third quarter of 2023. The decline accompanied a gloomy forecast for Bitcoin, the primary non-fungible token leader.

NFT’s monthly sales volume was at its lowest point since November 2023 in July. Blockchain-based digital collectibles witnessed a 73% increase in transactions despite declining volume.

According to CryptoSlam, non-fungible token sales volumes have dropped by 40.91% during the past 30 days.