Non-fungible tokens (NFTs) broke their seven-month downward trend in October as digital collectibles recorded an 18% increase in volume.
Since recording a monthly volume of $1.6 billion in March, its highest in 2024, NFT volumes have been on a downward trajectory.
It continued through September when NFTs reached their lowest monthly volume since 2021.
NFTs record a $356 million monthly volume in October
CryptoSlam data shows that NFTs only had a volume of about $300 million in September 2024, a 20% decrease from August’s record. However, despite continuously getting lower in 2024, NFTs’ monthly sales volume saw a brief recovery in October.
In October 2024, NFTs recorded a volume of $356 million, an 18% month-on-month increase. The upward surge in NFT sales breaks the seven-month downturn in monthly sales for digital collectibles.
In addition, NFTs had an increase in total number of transactions. In October, NFT transactions totaled 7.2 million, a 42% increase from September’s five million transactions.
Besides its monthly volume increase, NFT weekly volumes reached a high in October. Between Sept. 30 and Oct. 6, NFTs showed their strongest weekly sales since August, topping out at over $84 million, according to CryptoSlam.
Mythos Chain-based NFT collection DMarket led the last 30 days in sales volume, accumulating $33 million in sales. The collection is followed by the Immutable-based collection Guild of Guardians Heroes, which has a volume of $13 million.
Bitcoin and Ethereum-based collections like Bitcoin Puppets, Bored Ape Yacht Club and CryptoPunks showed strong volumes in October.
Related: Mutant Ape NFT ripoff creator to forfeit $1.4M, avoids prison
Solana’s all-time NFT volume nears $6 billion
Apart from Bitcoin and Ethereum NFTs, Solana-based collectibles are also on the list of the top 10 collections by sales volume in October. Solana NFTs like DogeZuki, Froganas and Retardio Cousins had a combined record of almost $25 million in sales last month.
Collectively, Solana-based NFTs recorded a 30-day sales volume of $67 million in October, taking up 19% of the overall NFT monthly volume for the month. This brings Solana-based NFTs’ all-time sales volume to almost $6 billion, as it remains the second-ranked blockchain in overall NFT sales.
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