NFT Market Rebounds in October With $356M Sales Figure

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After seven consecutive months of dwindling sales, Non-Fungible Tokens (NFTs) staged a comeback in October 2024. Digital collectibles recorded a welcoming uptick, with a significant monthly sales volume reaching $356 million, an 18% boost from September’s record low. This unexpected rebound hints at the resilience of the NFT market amid broader market uncertainties.

NFT Sales Volume Rebounded from Record Lows

NFTs peaked this year with a $1.6 billion monthly volume in March 2024, but the following months marked a steady downturn. According to CryptoSlam, NFT sales hit its lowest point in September at $300 million, marking a 20% fall from August. This sustained drop left many questioning the future of NFTs as buyers and collectors turned cautious.

However, October’s surprising 18% jump to $356 million is the first sign of positive momentum in nearly eight months. Notably, October’s rise in NFT volume suggests the market may stabilize near a low point, with potential for future growth.

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October’s rise was not limited to sales volume; transaction counts also surged. NFT transactions reached 7.2 million in October, a 42% increase from September’s 5 million, showing a rebound in activity. In early October, NFTs reached its highest weekly volume since August, with $84 million in sales, hinting at renewed demand.

Ethereum and Bitcoin NFTs Hold Their Ground

Ethereum and Bitcoin-based NFTs strengthened in October, with established collections like Bored Ape Yacht Club, CryptoPunks, and Bitcoin Puppets consistently drawing high volumes. Ethereum remains a dominant force in the NFT space, while Bitcoin’s entry into the NFT market earlier this year has steadily gained traction.

Among the collections driving October’s recovery, Mythos Chain and Immutable also stood out. Mythos Chain’s DMarket led with $33 million in sales, followed by Immutable’s Guild of Guardians at $13 million. This highlights the strength of niche platforms, especially in areas like blockchain gaming, where engagement remains strong.

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Solana NFTs Capture New Interest, Boosts Overall Sales

Solana-based NFTs also played a major role in October’s rebound, securing its place among the top 10 NFT collections by sales volume. Collections like DogeZuki, Froganas, and Retardio Cousins collectively contributed nearly $25 million in October.

Solana NFTs amassed $67 million in sales volume, making up 19% of the monthly total. This notable surge reinforced Solana’s position as the second-largest blockchain for NFTs by all-time volume, which now nears $6 billion. Solana’s affordability, speed, and vibrant developer community have made it a hub for NFT creators and collectors. These traits have allowed it to gain a foothold despite recent downturns.