NFTs Experience Rebound in October, Recording $356 Million in Sales
In October, the NFT market experienced a significant turnaround, ending a seven-month decline with an 18% increase in sales volume.
After peaking at $1.6 billion in March, NFT sales had been in a steady decline, culminating in September’s low point, which marked the weakest monthly volume since 2021.
Recent data from CryptoSlam reveals that October’s NFT sales volume reached $356 million, recovering from approximately $300 million in September—a 20% drop from August’s figures. This rebound marks the first upward movement in monthly sales for digital collectibles in several months.
In addition to the rise in sales volume, the total number of NFT transactions also surged. October saw about 7.2 million transactions, representing a 42% increase from the five million transactions recorded in September. Notably, the first week of October displayed particularly robust sales, with weekly NFT volumes exceeding $84 million, the highest since August.
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Among the leading collections, DMarket, based on the Mythos Chain, topped the sales charts with $33 million, followed by the Immutable-based Guild of Guardians Heroes at $13 million. Popular collections on Bitcoin and Ethereum, including Bored Ape Yacht Club, CryptoPunks, and Bitcoin Puppets, also showed strong performance throughout the month.
In addition to the prominent Ethereum and Bitcoin collections, Solana-based NFTs also made a significant impact. Several Solana collections, including DogeZuki, Froganas, and Retardio Cousins, collectively achieved nearly $25 million in sales, contributing to an overall Solana sales volume of $67 million for October, which accounts for 19% of the total NFT market. This brings Solana’s all-time NFT sales close to $6 billion, solidifying its position as the second-largest blockchain for NFT transactions.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
