As a seasoned researcher with years of experience tracking the digital art world and the ever-evolving landscape of blockchain technology, I must say that this latest surge in NFT weekly sales is certainly a breath of fresh air after several weeks of dwindling activity. While it’s still far from the record-breaking peaks we witnessed last year, seeing over $84 million in sales within a week is definitely a positive sign.
It seems like non-fungible tokens (NFTs) could be experiencing a positive change in fortune as their weekly sales surpassed $84.9 million, reaching the highest point since August, according to CryptoSlam’s tracking data.
NFT Weekly Sales Surge
From August 18 to August 25, Non-Fungible Tokens (NFTs) saw weekly sales exceeding $93 million. But following this period, the overall market slump affected NFTs as well, leading to a decrease in activity across all aspects of these digital assets.
Currently, there’s a noticeable increase in NFT sales, with a total of approximately $84.9 million being sold between October 6 and September 30. This significant spike can be attributed largely to the Dmarket collection, which recorded the highest sales over the past week. In this period, the collection made over $14 million from around 537,714 transactions.
Although there’s clear progress compared to recent weeks, the weekly sales figures are significantly lower than the peak levels we saw with NFTs when the metric reached its highest point ever.
In late August 2021, weekly NFT sales as reported by CryptoSlam surpassed $2.2 billion. However, while sales are on the rise, the trading volume indicates that the demand for these NFTs might not have fully recovered to its earlier heights.
Among the top five blockchains for NFT trading, Bitcoin, Ether, and Solana experienced lower trading volumes compared to the previous week. On the other hand, Mythos Chain registered significant gains, with over 6,000% increase and around $15 million in sales, making it the second-highest seller behind Ethereum, which recorded $27 million in NFT sales for the last seven days. Polygon followed closely as the only other blockchain to see a rise in weekly NFT trading volume, with a 210% increase.
Other Metrics
According to CryptoSlam’s data, there was a significant rise in the number of individuals purchasing Non-Fungible Tokens (NFTs) last week. This increase amounted to approximately 22%, resulting in more than 839,000 weekly buyers. Furthermore, the number of transactions also experienced a substantial boost of around 71%, culminating in over two million transactions.
While NFT did gather some positive points this past week, it’s still uncertain if smooth sailing lies ahead. This uncertainty stems from the fact that the overall NFT market is still grappling with a resurgence in popularity, as it has yet to reach the heights it previously attained.
Furthermore, it appears that the data from CryptoSlam indicates a decrease in NFT sales for September, with a total of approximately $303 million compared to $373 million recorded in August.
Time will tell if October brings anything new. Yet, NFTs seem promising so far, and supporters can merely cross their fingers that the broader market recovers further, allowing the NFT market to maintain its pace.
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2024-10-07 14:07