The non-fungible token (NFT) market bounced back in October with an 18% increase in sales volume, reversing a seven-month downward trend.
According to CryptoSlam data, NFTs saw a monthly volume of $356 million, up from September’s low of approximately $300 million, the lowest level since 2021.
NFT trading had been declining steadily since March, when monthly volumes peaked at $1.6 billion.
NFT Market Drops 20% in September
By September, the market had shrunk significantly, with volumes dipping 20% from August alone.
However, October marked a brief but notable recovery for digital collectibles.
October’s increase wasn’t just in dollar terms; transaction numbers surged as well, totaling 7.2 million for the month, a 42% jump from September’s five million transactions. Weekly data also indicated heightened activity.
Between Sept. 30 and Oct. 6, NFT sales reached their strongest weekly performance since August, with over $84 million in trades recorded.
The top-selling NFT collections last month were led by the Mythos Chain-based DMarket, which generated $33 million in sales over 30 days.
Immutable-based Guild of Guardians Heroes followed with a $13 million volume.
Popular Bitcoin and Ethereum-based collections, including Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks, also recorded strong performances in October.
Solana-based NFTs made a remarkable showing in October, with collections like DogeZuki, Froganas, and Retardio Cousins collectively recording nearly $25 million in sales.
Solana’s NFT ecosystem achieved a total monthly volume of $67 million, accounting for 19% of the overall NFT market.
The boost pushed Solana’s cumulative sales volume to nearly $6 billion, solidifying its position as the second most active blockchain for NFT transactions.
The resurgence in NFT sales highlights a renewed interest in digital assets, especially on Solana, which continues to capture significant market share.
CryptoPunks NFT Sold at 80% Discount
While the NFT market has slightly recovered lately, it is still at the bottom compared to the 2021 highs.
Just recently, a CryptoPunk NFT sold for $23.2 million in 2022, was resold at an 80% discount for 1,500 ETH, worth around $3.9 million.
The original owner, Deepak Thapliyal, who purchased the NFT for 8,000 ETH, bid farewell to the token on X (formerly Twitter).
The new buyer, VOMBATUS, later confirmed the purchase, equating the low price to getting a “free” token.
1500 eth
— VOMBATUS (@vombatus_real) August 19, 2024
The NFT, CryptoPunk #5822, was subsequently re-listed for 5,000 ETH, indicating a potential 45% loss for Thapliyal if sold at this price.
Meanwhile, there has been a trend of companies discontinuing their involvement in the NFT space.
Back in March, Starbucks, the renowned multinational coffee chain, made the decision to terminate its NFT rewards program.
In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years.
More recently, X, under the ownership of Elon Musk, discontinued a feature that allowed premium users to use NFT images as their profile pictures.
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