NFTs are making a comeback!
After weeks of sluggish sales, the non-fungible token market finally saw a surge, with weekly sales volumes reaching a peak of $84.9 million between September 30 and October 6, according to CryptoSlam.
This marks the highest sales volume since late August when weekly sales surpassed $93 million.
Despite this boost, the market has a long way to go, especially compared to the NFT boom of August 2021, when sales skyrocketed to over $2.2 billion in a single week. Today, only two of the top five blockchains are showing positive momentum.
The Mythos Chain led the charge, securing second place with over $15 million in sales—an eye-popping 6,000% jump in just seven days. Polygon also followed suit, climbing 210% in weekly sales.
However, not every blockchain is shared in this success. Bitcoin, Ethereum, and Solana all recorded lower trading volumes compared to the previous week.
Also Read: Metaplanet’s Bitcoin Frenzy Sends Stock Soaring Over 10%
Ethereum still led the pack with $27.48 million in sales, but $3.3 million of that was attributed to wash trading. Solana pulled in $11.8 million, while Bitcoin came in second with $12.62 million despite a 40% dip.
Dmarket, a leading NFT collection, topped the charts with $14 million in sales across 537,714 transactions in the past week.
This increase in overall volume was mirrored by an uptick in the number of NFT buyers, which surged to over 839,000—an impressive 22% increase.
Transactions also spiked by 71%, surpassing two million for the week.
However, while the weekly numbers look promising, the broader NFT market continues to struggle. September sales were $303 million, a decline from $373 million in August, and far below the peak of $1.6 billion recorded in March 2024.
Analysts at NFT Evening reveal a grim reality: 96% of NFT collections have failed in 2024, with many having a lifespan of just over a year.
So, while this spike brings hope, it remains to be seen if the NFT market can regain its former glory.
