The Rise of nft Sales in Early October 2024
The first week of October 2024 has shown a notable increase in the sales volume of NFTs, bringing hope to enthusiasts of non-fungible tokens. This rise in sales comes after a period of decline in the Market since its peak in March of the same year.
During the week ending on October 6, 2024, the sales volume of NFTs reached approximately $85 million. This marks a significant jump from the $69.38 million recorded in the last week of September. Interestingly, the previous week had also seen an increase with a sales volume of $75.23 million.
Looking back at the monthly numbers, March 2024 was the last month where NFT sales volume surpassed a billion dollars, reaching 1.6 billion. However, the market witnessed a gradual decline afterwards, with September and August registering sales of $303 million and $373 million, respectively. Data from CryptoSlam indicates that 2024 has not been a favorable year for NFTs overall.
One particularly bright spot in the market was the sale of X Empire. The platform successfully sold over 83,000 vouchers to Getgems, totaling around 5.7 billion $X tokens. This success story has positioned X Empire as one of the most successful airdrops in the industry, sparking optimism and an increased demand for Digital Collectibles.
CryptoPunk Records High Sale Numbers
Another NFT collection that has made headlines recently is CryptoPunk. The sale of Punk #1563 for Ether fetched a staggering $54.3 million, equivalent to 24,000 Ethereum tokens. This sale, reported by OpenSea, surpassed the previous all-time high of $23.7 million recorded in February 2022, before the onset of a market downturn.
Delving deeper into the NFT ecosystem, CryptoSlam's data highlighted a downward trend in sales volume for three major chains – Ethereum, Bitcoin, and Solana.
Impact on Leading Chains
- Ethereum saw a 3.95% decline in weekly sales volume, dropping to $27.45 million.
- Bitcoin experienced a significant 30.62% decrease, reaching $13.81 million in sales.
- Solana also saw a decline of 18.13%, totaling $11.19 million in sales.
Despite these declines, two chains managed to maintain positive momentum. Mythos Chain reached a market size of $11.45 million, while Dmarket recorded $14 million in sales within a week.
Rising Number of Buyers
Alongside the increase in sales volume, the number of buyers for NFTs also surged. In the latest data, the number of buyers rose by 22% compared to the previous week, reaching a total of 839,000. The transaction volume also witnessed a substantial increase of 71% from the previous week.
The resurgence in NFT activity indicates a potential comeback for the community, with notable success stories like X Empire and CryptoPunk leading the way. While challenges remain, the recent upticks in sales and buyer activity demonstrate the resilience of the NFT market.
Stay tuned for more updates on the evolving landscape of NFTs and the blockchain industry.
