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NFT sales rise to $85 million in early October surge

NFT sales rise to $85 million in early October surge

GrafaGrafa2024/10/07 10:40
By:Isaac Francis

NFT sales have surged in early October, reaching nearly $85 million in weekly volume.

This marks a significant recovery in the market after a period of stagnation, with sales between September 30 and October 6 hitting their highest levels since late August.

According to CryptoSlam data, the $84.9 million sales volume is the strongest weekly performance since $93 million was recorded during the week of August 25.

However, despite the rise, these figures are still well below the market's peak of $2.2 billion in August 2021.

Three of the top five blockchain networks saw declines in transaction volumes compared to the previous week.

Bitcoin, Ethereum, and Solana all recorded lower volumes, but Mythos Chain stood out with a substantial increase.

Its NFT transaction volume jumped by over 6,000%, reaching over $15 million, making it the second-largest network after Ethereum.

Polygon also saw positive growth, with a 210% rise in transaction volumes, placing it in the green for the week.

Interest in specific NFT collections has also contributed to the overall sales growth.

The Dmarket collection, in particular, was the most traded collection of the week, with over 537,000 transactions generating more than $14 million in sales volume.

CryptoSlam data also revealed a 22% increase in the number of NFT buyers, with over 839,000 participants in the market.

Transaction numbers surged by 71%, exceeding two million during the same period.

Despite this positive momentum, the NFT market has yet to return to its former peak.

September’s total sales reached $303 million, down from $373 million in August.

Market fluctuations continue, as many collections struggle to survive.

Reports indicate that 96% of the 5,000 NFT collections analyzed in 2024 are now considered "dead."

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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