NFT Weekly Sales Surge to New High Since August

The most significant selling week for NFTs since the end of August was the week ending on October 6, when NFT weekly sales surged to $85 million.

After weeks of lagging sales amid a broader market downturn, the weekly sales volumes of non-fungible tokens (NFTs) reached their highest since August.

CryptoSlam!, an NFT market tracker, reports that weekly sales peaked at over $84.9 million from September 30 to October 6.

It is the highest weekly NFT sales volume since the week ending August 25, when it surpassed $93 million.

According to CryptoSlam!, the weekly sales volume for NFTs peaked at more than $2.2 billion from August 23 to August 29, 2021.

Simultaneously, the trading volumes of three of the top five blockchains for NFTs decreased compared to the previous week, including Bitcoin, Ether, and Solana.

In the past seven days, Mythos Chain has experienced a more than 6,000% increase in sales, resulting in a significant spike to second place behind Ethereum. Their sales have exceeded $15 million.

Polygon also experienced a 210% increase in weekly sales volume, contributing to its positive performance.

Dmarket’s NFT collection was the most successful in the past seven days, with over $14 million in sales across 537,714 transactions.

In addition to the rise in total weekly volume, the number of NFT buyers also increased with CryptoSlam! Data indicated that over 839,000 NFT buyers were active in the past seven days, representing a nearly 22% increase from the previous week.

Additionally, there was a substantial increase in transactions, with over two million recorded, representing a 71% increase from the previous week.

The broader NFT market continues to face significant challenges in regaining the momentum and achieving the highs of previous years.

The sales of NFTs in September were $303 million, a decrease from the $373 million recorded in August, according to data from CryptoSlam!

March has been the market’s most successful month in 2024, with a sales volume of $1.6 billion.

According to a report released on August 20 by analysts at NFT Evening, approximately 96% of the 5,000 NFT collections they analyzed were deceased in 2024, with over one-third expiring in 2023.

The average lifespan of NFT collections was determined to be just over one year.