NFT Sales Volume Sees 18% Increase In October

According to Cointelegraph, non-fungible tokens (NFTs) experienced a significant recovery in October, breaking a seven-month downward trend with an 18% increase in volume. After reaching a peak monthly volume of $1.6 billion in March 2024, NFT volumes had been steadily declining, hitting their lowest point since 2021 in September 2024. However, October saw a notable turnaround with a monthly volume of $356 million, up from September's $300 million, according to data from CryptoSlam. This resurgence in NFT sales volume marks a positive shift for digital collectibles, which had been struggling throughout 2024. In addition to the increase in volume, the total number of NFT transactions also rose significantly. October recorded 7.2 million transactions, a 42% increase from September's five million transactions. Weekly volumes also saw a boost, with the period between September 30 and October 6 recording the strongest weekly sales since August, reaching over $84 million. Leading the sales volume for the last 30 days was the Mythos Chain-based NFT collection DMarket, which accumulated $33 million in sales. Following closely was the Immutable-based collection Guild of Guardians Heroes with a volume of $13 million. Bitcoin and Ethereum-based collections such as Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks also showed strong performance in October. Solana-based NFTs also made a significant impact, with collections like DogeZuki, Froganas, and Retardio Cousins recording almost $25 million in sales last month. Collectively, Solana-based NFTs achieved a 30-day sales volume of $67 million in October, accounting for 19% of the overall NFT monthly volume. This brings Solana-based NFTs' all-time sales volume to nearly $6 billion, solidifying its position as the second-ranked blockchain in overall NFT sales.