NFT sales trends reversed in October, going from a constant decline since March to observing promising growth.
October was a breakout month for non-fungible tokens (NFTs) as trading volume across chains grew by 18% compared to September’s action. NFT sales hit $1.6 billion in March, this year’s highest, followed by a continuous downturn, with volumes dropping month after month until a reversal in October.
NFT sales in September were the least this year and since 2021, registering just $296 million. That marked a 20% decline from August. January 2021 saw scanty volumes of $109 million, and have not seen anything like that since. In fact, they have not dropped below $300 million until September. That month’s drop was an 81% drop since March’s $1.6 billion.
October’s recovery, while appreciated, could be short-lived. Time will tell. As opposed to September’s volumes, October registered $356 million, breaking the seven-month downfall in monthly sales.
Other NFT Metrics Were Also Up
Digital collectibles also saw a rise in transactions in October, going up to 7.2 million, exhibiting a 42% increase from the previous month. September saw five million. It did not just stop there. Weekly sales in October were also way up. In one week, between September 30 and October 6, NFT volumes climbed to an impressive $84 million.
The DMarket collection, deployed on the Mythos Chain, led October’s NFT market revival, contributing $33 million to the total sales. Guild of Guardians Heroes on the Immutable blockchain was the runner-up with $13 million. Collections from the biggest chains, Bitcoin and Ethereum, also showed impressive action, with Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks displaying attractive volumes.
That does not mean Solana did not deliver. Collections based on this chain delivered tremendously as well, with some of them making it to the top 10 by volumes in October. DogeZuki, Froganas, and Retardio Cousins, three collections on Solana, collectively witnessed close to $25 million in sales.
Furthermore, Solana NFTs contributed $67 million out of the total $356 million last month, amounting to 19% of the total October volumes. Those sales have pushed all-time NFT volumes on this blockchain to about $6 billion. Solana takes the second spot for the most NFTs sold on any blockchain. Ethereum is first, with a tremendous lead—it has witnessed over $44 billion in NFT sales. Bitcoin is third.
