In the week ending August 25, NFTs recorded weekly sales of over $93 million.
It appears that things might finally be turning around for non-fungible tokens (NFTs) after several weeks of dwindling sales. This follows after their weekly sales, according to NFT market tracker CryptoSlam, topped out at over $84.9 million, marking the highest weekly sales since August.
NFT Weekly Sales Surge
In the week ending August 25, NFTs recorded weekly sales of over $93 million. However, since then, the broader market downturn meant that NFTs, just like other assets, experienced declining activity on all fronts.
Now, though, sales are gradually picking up, with NFTs selling over $84.9 million between September 30 and October 6. NFT collection Dmarket was largely responsible for this surge after registering the highest sales in the last seven days. The collection sold over $14 million from about 537,714 transactions.
While this shows an obvious improvement from the past several weeks, the weekly sales are still a far cry from the levels achieved by NFTs when the metric hit an all-time high.
Data from CryptoSlam shows that NFT weekly sales peaked at over $2.2 billion from August 23 to August 29 back in 2021. Interestingly, despite the fact that sales are gradually picking up momentum, trading volumes do not clearly suggest that demand for these NFTs has returned to previous levels.
At least three of the top five blockchains for NFTs registered lower trading volumes than were seen in the previous week. That is, Bitcoin BTC $105 120 24h volatility: 0.1% Market cap: $2.09 T Vol. 24h: $15.92 B , Ether ETH $2 518 24h volatility: 0.6% Market cap: $303.91 B Vol. 24h: $11.15 B , and Solana SOL $145.4 24h volatility: 0.2% Market cap: $76.70 B Vol. 24h: $2.56 B . Mythos Chain recorded what was probably the week’s biggest gains. However, its over 6,000% gains with over $15 million in sales were only enough to propel it to second place overall, as it still came behind Ethereum’s $27 million NFT sales in the last seven days. Polygon was the second blockchain in the green after it saw a 210% rise in weekly sales volume.
Other Metrics
CryptoSlam data did show an increase in the number of NFT buyers. The past week saw a surge of about 22% to bring the weekly NFT buyers to over 839,000. The number of transactions also made a 71% jump from the previous week to a total of over two million.
Although there are several positives to take away from the just concluded week for NFT, the coast may not be entirely clear yet. That is because the broader NFT market continues to struggle to regain its popularity and the highs it once boasted of.
Moreover, CryptoSlam data also suggests that NFTs recorded $303 million in sales in September, down from $373 million in August.
It remains to be seen how October will be any different. However, NFTs appear to be off to a good start already, and enthusiasts can only hope that the wider market continues its recovery to help the NFT market sustain its momentum.
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