According to Cointelegraph, the weekly sales volumes of non-fungible tokens (NFTs) on some of the top blockchains for digital collectibles have turned positive after experiencing a series of volume drops in 2024.
On August 26, data from NFT tracker CryptoSlam revealed that digital collectibles based on the top five blockchains for NFTs had a strong week in terms of sales. Ethereum, Solana, Polygon, and Mythos Chain saw an increase in volume, with Polygon leading with a 123.20% increase in 7-day sales. Ethereum followed with a 32.79% increase, while Solana showed a 12.13% rise in weekly sales. However, the Bitcoin blockchain experienced a slight downward trend, with a 7.01% decrease in sales volume compared to the previous week.
In addition to the surge in weekly volumes, the number of NFT buyers also increased last week. CryptoSlam data indicated over 500,000 NFT buyers in the last seven days, representing a 37.97% boost compared to the week before. The top 10 blockchains for NFTs all showed an increase in NFT buyers, with Solana leading the list with 220,304 NFT buyers. Polygon came second with 89,498, while the Ethereum network had 44,188 buyers.
Despite the positive weekly trends, the small increase in weekly volumes cannot offset a broader downward trend in the NFT space’s monthly sales volumes. The digital collectibles market showed a 45% decline in the second quarter of 2024, recording a sales volume of $2.24 billion, marking its lowest performance since the third quarter of 2023. The downward momentum came amid a negative outlook for Bitcoin, a key leader in NFTs. In July, NFTs had their lowest monthly sales volume since November 2023. However, despite the volume drop, blockchain-based digital collectibles saw a 73% increase in transactions. In the last 30 days, CryptoSlam shows that NFTs have had a 40.91% decrease in sales volumes.
