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The non-fungible token (NFT) market bounced back in October with an 18% increase in sales volume, reversing a seven-month downward trend.
According to CryptoSlam data, NFTs saw a monthly volume of $356 million, up from September’s low of approximately $300 million, the lowest level since 2021. NFT trading had been declining steadily since March, when monthly volumes peaked at $1.6 billion.
However, October marked a brief but notable recovery for digital collectibles. October’s increase wasn’t just in dollar terms; transaction numbers surged as well, totaling 7.2 million for the month, a 42% jump from September’s five million transactions. Weekly data also indicated heightened activity.
By September, the market had shrunk significantly, with volumes dipping 20% from August alone.
Immutable-based Guild of Guardians Heroes followed with a $13 million volume. Popular Bitcoin and Ethereum-based collections, including Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks, also recorded strong performances in October.
The top-selling NFT collections last month were led by the Mythos Chain-based DMarket, which generated $33 million in sales over 30 days.
The original owner, Deepak Thapliyal, who purchased the NFT for 8,000 ETH, bid farewell to the token on X (formerly Twitter).
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.