NFT Weekly Sales Reach Two-month High
07 Oct, 2024 ● Kripto novosti
Weekly sales volumes of non-fungible tokens (NFTs) reached their highest point since August, following weeks of sluggish activity amid a wider market downturn.
According to data from CryptoSlam!, NFT sales between Sept. 30 and Oct. 6 surpassed $84.9 million, marking the largest weekly sales volume since the week ending Aug. 25, when sales exceeded $93 million.
At its peak, the NFT market saw weekly sales volumes of over $2.2 billion during the week of Aug. 23 to Aug. 29, 2021, as reported by CryptoSlam!.
Meanwhile, three of the top five blockchains for NFTs—Bitcoin, Ethereum, and Solana—experienced declines in trading volume compared to the previous week.
Mythos Chain, however, saw a dramatic surge, climbing to second place behind Ethereum with over $15 million in sales, representing a gain of more than 6,000% over the last seven days.
Polygon also showed positive momentum with a 210% increase in weekly sales volume.
The NFT collection Dmarket led in sales over the past week, recording more than $14 million across 537,714 transactions.
In addition to higher weekly sales, the number of NFT buyers rose as well, with CryptoSlam! reporting over 839,000 buyers in the last seven days, marking an almost 22% increase from the previous week.
There was also a sharp rise in transactions, with over two million recorded, a jump of more than 71% compared to the previous week.
Despite these recent gains, the broader NFT market is still struggling to recover its former highs.
CryptoSlam! data shows that NFTs generated $303 million in sales in September, down from $373 million in August.
The strongest month for the NFT market in 2024 so far was March, when sales reached $1.6 billion.
An Aug. 20 report by NFT Evening analysts suggested that 96% of the roughly 5,000 NFT collections they reviewed were no longer active in 2024, with more than a third becoming defunct in 2023.
The average lifespan of NFT collections was found to be just over a year.
Sources:
https://cointelegraph.com/news/nfts-weekly-sales-volumes-hit-highest-level-since-august
https://www.cryptoslam.io/nftglobal?timeFrame=year&headerPeriod=7d
https://www.cryptoslam.io/nftglobal?timeFrame=month&headerPeriod=30d
