NFTs experience highest weekly sales volume since August

Weekly sales volumes of non-fungible tokens (NFTs) hit the highest 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 more than $84.9 million.

It’s the highest weekly NFT sales volume since the week ending Aug. 25, when it exceeded $93 million.

Weekly sales volumes for NFTs have suffered 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 $63,669.01 , Ether ETH $2,486.36 and Solana SOL $148.94 losing ground compared with the previous week.

Mythos Chain led the pack in gains, with a large spike to second place next to Ethereum, with over $15 million in sales, a more than 6,000% gain in the last seven days.

Polygon was also in the green, with a 210% rise in weekly sales volume.

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 also increased, with CryptoSlam! data showing more than 839,000 NFT buyers in the last seven days, an almost 22% boost from the previous week.

There was also a significant increase in transactions, with over two million total recorded, more than a 71% jump from the week before.

The broader NFT market is still struggling to regain ground and the highs of previous years.

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 about 5,000 NFT collections they examined were dead in 2024, with over a third kicking the bucket in 2023.

The average lifespan of NFT collections was found to be just over a year.

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