NFT sales volumes have shown a resurgence after weeks of stagnation, approaching $85 million in the first week of October. This increase marks the highest weekly sales volume observed in the NFT market since late August. While a general recovery has been noted in the cryptocurrency market, the rise in NFT sales is particularly striking.
Signs of Revival in NFTs
According to data from CryptoSlam, the NFT sales volume surpassed $84.9 million between September 30 and October 6. This figure is the highest since the $93 million in sales recorded during the week of August 25. However, considering that the weekly sales volume exceeded $2.2 billion at the peak of the NFT market in August 2021, current numbers are still considerably lower than those levels.
Despite the overall increase, three of the top five blockchain networks recorded lower transaction volumes compared to the previous week. Major platforms like Bitcoin 
$98,267, Ethereum 
$3,439, and Solana 
$195 saw declines in their transaction volumes, while Mythos Chain experienced a notable jump, surpassing $15 million in volume to rank second after Ethereum. Particularly noteworthy is Mythos Chain’s NFT transaction volume, which surged by over 6,000% in the past week. Polygon also achieved a 210% increase, placing it in the “green zone.”
Rising Interest in NFT Collections
Another indicator of activity in the NFT market is the increased interest in certain popular collections. The Dmarket collection emerged as the most traded NFT of the week, with 537,714 transactions generating over $14 million in volume. Additionally, the rising number of NFT buyers is seen as a sign of market vitality. According to CryptoSlam’s data, over 839,000 buyers were identified in the past week, representing a 22% increase from the previous week. The number of transactions also grew significantly, with over two million transactions marking a 71% increase.
Despite these positive developments, the NFT market has yet to reach its former peak levels. Total NFT sales in September remained at $303 million, down from approximately $373 million in August. March was the strongest month of 2024, with NFT sales volume climbing to $1.6 billion. These fluctuations indicate that despite signs of revitalization, a general stagnation persists in the market.
Furthermore, many NFT collections are struggling to survive. According to a report published by NFT Evening in August, 96% of the 5,000 NFT collections examined are considered “dead” as of 2024. One-third of these collections ended in 2023, with an average lifespan of less than one year.
