October Sees NFT Market Recovery: Trends and Leading Collections Explained
NFT Market – In a significant turnaround, non-fungible tokens (NFTs) broke their seven-month downward trend in October, recording an impressive 18% increase in monthly volume. After peaking at $1.6 billion in March 2024, NFT trading volumes faced a steady decline, reaching a low of $300 million in September—marking the lowest monthly total since 2021.
This October, NFT trading volume rebounded to $356 million, showcasing a remarkable recovery in the digital collectibles market. The data from CryptoSlam indicates that despite the overall downward trend earlier this year, the upward movement in October represents a crucial shift in market dynamics.
Transaction Numbers Soar
Alongside the increase in volume, NFT transactions surged significantly. October saw approximately 7.2 million transactions, a staggering 42% increase from September’s 5 million transactions. This spike not only reflects growing interest among collectors but also highlights a renewed engagement within the NFT space.
The recovery was not just limited to monthly figures; NFT weekly volumes also peaked in October. Between September 30 and October 6, NFTs achieved their strongest weekly sales since August, exceeding $84 million. Such momentum underscores a resurgence in trading activity as collectors capitalize on emerging opportunities.
Leading NFT Collections
In of specific collections, the DMarket, based on the Mythos Chain, led the way with an impressive $33 million in sales over the past month. It was closely followed by the Guild of Guardians Heroes collection on Immutable, which generated $13 million. Notably, traditional heavyweights like Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks also displayed strong volumes, indicating sustained interest in established projects.
Solana’s NFT Growth
Moreover, Solana-based NFTs continued to make their mark in the competitive landscape. The DogeZuki, Froganas, and Retardio Cousins collections collectively achieved nearly $25 million in sales last month. Overall, Solana NFTs reached a NFT Market Sees 18% Volume Increase in October: A Sign of Recovery30-day sales volume of $67 million, constituting 19% of the total NFT volume in October. This brings Solana’s all-time NFT sales volume to nearly $6 billion, reinforcing its position as the second-ranked blockchain for NFT transactions.
News
