NFT Sales Recover After Market Slump, Reaching $85M Last Week
The NFT market is showing signs of recovery after a period of decline, with sales reaching nearly $85 million in the week from September 30 to October 6, the highest since late August. This resurgence is a welcome change after weeks of stagnation, but the recovery isn’t uniform across all blockchains.
Notably, the Mythos Chain saw an extraordinary surge, with a 6,000% increase in sales, bringing in over $15 million and making it the second most active blockchain, trailing only Ethereum. Polygon also experienced significant growth, with a 210% rise in sales volume. However, major blockchains like Bitcoin, Ethereum, and Solana saw drops in trading volumes.
On the individual collection side, Dmarket led the charge, generating over $14 million through more than half a million transactions. The NFT market also witnessed an influx of buyers, with over 839,000 entering the space—a 22% increase from the previous week—along with a 71% increase in the number of transactions.
This recovery, the NFT market continues to face challenges in regaining the heights it reached in the past. While September's total sales amounted to $303 million, it still fell short of August’s $373 million, with March remaining the highest-grossing month in 2024 at $1.6 billion. The broader market also remains volatile, with a significant portion of collections becoming inactive as the average lifespan of NFT projects hovers just over a year.
This recent uptick offers hope, but sustained innovation and engagement will be necessary to propel the NFT market back to its former peak.
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