NFT sales volumes have picked up again after weeks of stagnation, approaching $85 million in the first week of October. This increase was recorded as the highest weekly sales volume seen in the NFT market since the end of August. While there is a general recovery in the cryptocurrency market, it is stated that this increase in NFT sales is remarkable.

Signs of a Revival in NFTs

According to data provided by CryptoSlam, NFT sales volume exceeded $84.9 million between September 30 and October 6. This figure marks the highest volume since the $93 million sales recorded in the week of August 25. However, considering that the weekly sales volume exceeded $2.2 billion during the peak of the NFT market in August 2021, it can easily be said that the current figures are still far from those levels.

Although there was an overall increase, three of the five largest blockchain networks recorded lower transaction volumes compared to last week. While giants such as Bitcoin, Ethereum, and Solana saw declines in transaction volumes, Mythos Chain made a leap forward, coming in second place right after Ethereum with a volume exceeding $15 million. Of particular note was the increase in Mythos Chain’s NFT transaction volume of over 6,000 percent in the last seven days. Polygon also recorded a 210 percent increase in the process, falling into the “green zone.”

Interest in NFT Collectibles Renewed

Another indicator of the movement in the NFT market was the increased interest in some popular collections. The most traded NFT collection during the week was Dmarket. The collection, which made 537,714 transactions, created a volume of more than $14 million. In addition, the increase in the number of NFT buyers is also considered an indicator of the liveliness in the market. According to CryptoSlam's data, a total of more than 839,000 buyers were detected in the last seven days. This number represents a 22 percent increase compared to the previous week. The number of transactions also increased by 71 percent, reaching more than two million transactions.

Market Still Below Past Highs

Despite these positive developments, the fact that the NFT market has still not reached its previous peaks remains the same. Total NFT sales in September remained at $303 million. This figure was around $373 million in August. The strongest month throughout 2024 was March. At that time, NFT sales volume reached $1.6 billion. These fluctuations also reveal that despite the signs of recovery in the market, there is still a general stagnation.

On the other hand, many NFT collections seem to be struggling to survive. According to a report published by NFT Evening in August, 96 percent of the 5,000 NFT collections examined are "dead" as of 2024. One-third of these collections expired in 2023, and their average lifespan did not exceed one year.