NFT Market Recovered in October After Months of Decline

In October, non- fungible tokens (NFTs) rebounded, snapping a seven-month slump with an 18% increase in monthly sales volume, reaching $356 million.

According to CryptoSlam data, this growth marks a positive change after NFTs hit a low of $300 million in September 2024, the lowest monthly volume since 2021.

October also saw a 42% jump in NFT transactions, which totaled 7.2 million compared to 5 million in September, reflecting renewed interest in digital collectibles.

Weekly sales volumes in October also reached their highest levels since August, reaching $84 million in the first week. Collections from the Mythos chain, such as DMarket, led the way with $33 million in sales, followed by Immutable’s Guild of Guardians Heroes with $13 million. Collections like Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks also showed strong activity.

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Solana-based NFT maintained a steady presence, recording $67 million in sales for October. With cumulative volume approaching $6 billion, Solana remains the second-largest NFT sales chain of all time, accounting for 19% of monthly volume. This upturn in the market for irreplaceable tokens highlights the potential recovery as the industry heads into 2025.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.