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NFT sales volumes for the week ending Oct. 6 hit nearly $85 million, the biggest selling week for NFTs since the end of August.
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Weekly sales volumes of non-fungible tokens (NFTs) have hit the highest level since August after weeks of lagging sales amid a broader market downturn.
Data from the NFT market tracker CryptoSlam! shows weekly sales between Sept. 30 and Oct. 6 topped out at over $84.9 million.
It’s the highest weekly NFT sales volumes since the week ending Aug. 25, when it was over $93 million.
Weekly sales volumes for NFTs have been suffering a downward trend since August. Source: CryptoSlam!
At its peak, the weekly sales volume for NFTs was over $2.2 billion, which it achieved from Aug. 23 to Aug. 29, 2021, according to CryptoSlam!
At the same time, three of the top five blockchains for NFTs registered lower trading volumes, with Bitcoin (BTC), Ether (ETH) and Solana (SOL) losing ground compared to the previous week.
Mythos Chain led the pack in gains, with a large spike to second place overall under Ethereum with over $15 million in sales, an over 6,000% gain in the last seven days.
Polygon was also in the green, with a 210% rise in weekly sales volume.
Overall, only two of the top five NFT blockchains were in the green for the week. Source: CryptoSlam!
NFT collection Dmarket had the highest sales in the last seven days, with over $14 million across 537,714 transactions.
Apart from the increase in total weekly volume, the number of NFT buyers has also increased, with CryptoSlam! data showing over 839,000 NFT buyers in the last seven days, a nearly 22% boost from the previous week.
There was also a significant increase in transactions, with over two million total recorded, an over 71% jump from the week prior.
The broader NFT market is still struggling to regain ground and the highs of previous years.
Related: NFT sales plummet to lowest monthly volume since 2021 — CryptoSlam
Data from CryptoSlam! shows that NFTs recorded $303 million in sales in September, down from $373 million in August.
So far, the market’s strongest month for 2024 was March, when it recorded $1.6 billion in sales volume.
An Aug. 20 report by NFT Evening analysts suggested that 96% of around 5,000 NFT collections they examined are dead in 2024, with over a third kicking the bucket in 2023.
According to the report, all the examined collections had seen no trading activity, sales, or social media engagement for more than a week. The average lifespan of NFT collections was also found to be just over a year.
This article first appeared at Cointelegraph.com News
