NFT Weekly Sales Surge to Highest Levels Since August Amid Market Recovery

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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October 7, 2024

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Non-fungible tokens (NFTs) are witnessing a resurgence in sales, with weekly sales volumes reaching their highest levels since August.

According to data from CryptoSlam, a platform tracking the NFT market, sales from September 30 to October 6 surpassed $84.9 million, marking a notable recovery after weeks of sluggish performance.

The recent uptick represents the strongest weekly sales since the period ending on August 25, when sales volume reached over $93 million.

For context, the all-time high for weekly NFT sales occurred from August 23 to August 29, 2021, when volumes soared above $2.2 billion, as reported by CryptoSlam.

NFT Sales on Mythos Chain Surges 6,000%

While the market recovery is encouraging, not all blockchains are benefiting equally.

Among the top five blockchains for NFTs, Bitcoin, Ethereum, and Solana saw declines in trading volumes compared to the previous week.

However, the Mythos Chain emerged as a significant gainer, recording over $15 million in sales—a staggering 6,000% increase over the past seven days, making it the second most active blockchain after Ethereum.

Polygon also recorded positive growth, with a 210% increase in its weekly sales volume.

Leading the charge in individual collections, Dmarket topped the charts, generating more than $14 million in sales through 537,714 transactions over the week.

Alongside rising sales, the number of NFT buyers also saw an uptick.

CryptoSlam data reveals that more than 839,000 buyers entered the market in the past week, reflecting a 22% increase from the prior period.

Additionally, the total number of transactions exceeded two million, representing a significant 71% increase.

Despite these gains, the broader NFT market still faces challenges in recovering the momentum it had in previous years.

In September, total NFT sales reached $303 million, down from $373 million in August. The peak month for 2024 so far remains March, with $1.6 billion in sales.

A report by NFT Evening from August highlighted the industry’s struggles, noting that about 96% of the 5,000 collections analyzed were inactive by 2024, with many having ceased activity the year before.

The average lifespan of an NFT collection is just over a year, reflecting the rapid evolution and volatility of the market.

CryptoPunks NFTs Sold at 80% Discount

While the NFT market has slightly recovered lately, it is still at the bottom compared to the 2021 highs.

Just recently, a CryptoPunk NFT sold for $23.2 million in 2022, was resold at an 80% discount for 1,500 ETH, worth around $3.9 million.

The original owner, Deepak Thapliyal, who purchased the NFT for 8,000 ETH, bid farewell to the token on X (formerly Twitter).

The new buyer, VOMBATUS, later confirmed the purchase, equating the low price to getting a “free” token.

Meanwhile, there has been a trend of companies discontinuing their involvement in the NFT space.

Back in March, Starbucks, the renowned multinational coffee chain, made the decision to terminate its NFT rewards program.

In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years.

More recently, X, under the ownership of Elon Musk, discontinued a feature that allowed premium users to use NFT images as their profile pictures.