NFT Market Surges 18% in October, Sales Rebound to $356M

MetaversePlanet November 11, 2024Last Updated: November 11, 2024

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NFT Market Sees 18% Surge in October, Ending Prolonged Downtrend with $356 Million Volume

NFTs, the favored investment assets in the world of digital collectibles, experienced a substantial recovery in October. Monthly sales volume reached $356 million, an 18 percent increase from September, effectively marking the end of a seven-month downtrend. NFT sales on platforms like Solana played a pivotal role in supporting this resurgence.

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NFT Market Ends 7-Month Downtrend

NFT Market Surges 18% in October, Sales Rebound to $356M

The NFT market had been in a steady decline after peaking at a record high of $1.6 billion in March 2024. The October recovery has reinvigorated optimism within the sector. Transaction volume rose from $300 million in September to $356 million in October, providing a renewed sense of momentum. Additionally, the number of transactions surged, growing 42 percent from 5 million to 7.2 million in October. The first week of October (September 30 – October 6) saw an impressive $84 million in sales—the highest weekly volume recorded since August.

Top NFT Collections: DMarket and Guild of Guardians Heroes Lead the Way

October’s highest-performing collection was DMarket on the Mythos Chain infrastructure, which topped the charts with a total sales figure of $33 million. Following closely, the Guild of Guardians Heroes collection on the Immutable platform recorded $13 million in sales. Other popular collections, such as Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks, also posted impressive sales figures in October.

Solana Ecosystem Drives NFT Market Activity

The Solana ecosystem contributed significantly to the NFT market in October. Collections based on Solana, including DogeZuki, Froganas, and Retardio Cousins, collectively generated nearly $25 million in sales. This success enabled Solana to secure a 19% share of the total NFT market volume for the month. The total volume of Solana-based NFTs reached $67 million in October, and with a cumulative NFT sales volume nearing $6 billion, Solana has cemented its status as a key player in the industry.