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.

Kostadin Dimitrov