NFT Sales Rebound on Major Blockchains After Prolonged Decline
After declining throughout 2024, the weekly sales volumes of non-fungible tokens (NFTs) on some of the leading blockchains for digital collectibles have finally turned positive. Data from CryptoSlam revealed a notable uptick in sales across several top NFT platforms, signaling a potential resurgence in the market.
NFTs on the top five blockchains experienced a strong performance over the past week. Polygon led the charge with an impressive 123.20% increase in seven-day sales, marking a significant recovery. Ethereum followed with a 32.79% rise, while Solana saw a 12.13% boost in sales during the same period. These increases indicate a renewed interest in NFTs, particularly on these prominent platforms.
While most of the top blockchains enjoyed a positive week, Bitcoin was the outlier, experiencing a slight dip in sales volume. The Bitcoin blockchain saw a 7.01% decrease in weekly sales, making it the only major platform to record a decline.
In addition to the surge in sales volume, the number of NFT buyers also increased significantly over the past week. CryptoSlam reported that more than 500,000 buyers participated in the NFT market, reflecting a 37.97% increase from the previous week. Among the top ten blockchains, Solana topped the list with 220,304 buyers, followed by Polygon with 89,498, and Ethereum with 44,188 buyers.
However, despite these promising weekly gains, the broader NFT market continues to struggle with a downward trend in monthly sales volumes. The recent increases have not been sufficient to reverse the overall decline that has characterized the market in recent months. The NFT sector saw a 45% drop in sales during the second quarter of 2024, with total sales volume reaching just $2.24 billion, its lowest level since the third quarter of 2023.
July 2024 was particularly challenging for the NFT market, recording the lowest monthly sales volume since November 2023. Despite this downturn, the market did see a 73% increase in transactions, suggesting that while overall sales values have dropped, the number of individual transactions remains high, potentially indicating more activity at lower price points.
