Market Sees Uptick in Sales and Transactions

The first week of October 2024, ending on the 6th day of the month, showed a rise in the sales volume of NFTs and a rise in the number of buyers. This trend instills confidence among NFT enthusiasts because the market has declined since registering a high in March this year. 

The sales volume for the week ending October 06, 2024, was approximately $85 million. That is up from $69.38 million in the last week of September. Interestingly, this followed a volume worth $75.23 million in the previous week.

As for monthly numbers, March 2024 was the last month when it banked over a billion dollars. NFT sales volume was 1.6 billion, the highest number. The margin only broadened later, with September and August reflecting sales worth $303 million and $373 million, respectively, applicable in the same order. According to data by CryptoSlam, 2024 has not been favorable to NFTs.

The sale of X Empire signals hope as it succeeds in selling more than 83,000 vouchers to Getgems. X Empire announced this via a post on the platform X. The sale of vouchers comes to around 5.7 billion $X tokens. X Empire selling 83k NFTs, has paved the way for becoming one of the most successful airdrops. It has further sparked optimism with a rise in the demand for digital collectibles.

Another NFT collection that has registered high numbers is CryptoPunk. Punk #1563 was sold for Ether and was worth almost $54.3 million. It translates to 24,000 Ethereum tokens. OpenSea first reported the number. An ATH was earlier recorded in February 2022 for $23.7 million; however, that was before crypto winter took over the market.

CryptoSlam’s data dug deeper into the nFT ecosystem. It highlighted that three chains topped the list of declining sales volume – Ethereum, Bitcoin, and Solana.

Ethereum’s weekly sales volume fell by 3.95% to $27.45 million compared to the previous week. Bitcoin, third on the list, plummeted by 30.62% to $13.81 million. In the fifth position, Solana saw a decline of 18.13% to $11.19 million. 

Two chains that stayed above the negative trend were Mythos Chain and Dmarket. While Mythos Chain hit a market of $11.45 million, Dmarket recorded $14 million within a week.

The number of buyers went up. NFTs saw a 22% increase compared to last week as the number of buyers reached 839,000. The number of transactions rose as well, by 71% compared to the previous week.

NFT frenzy is most likely coming back to the community, but it would be more about sustaining these upticks. X Empire and CryptoPunk have proved that a rise can be achieved no matter the sentiment the NFT sphere has carried forward within a specific time frame.