Data from CryptoSlam, an NFT market observing platform, revealed that non-fungible tokens (NFTs) sales volumes that had been inactive for some time rose to their highest since August. The total weekly sales of the restaurants for September 30 to October 6 crossed $84.9 million, suggesting signs of market revival.
The weekly sales growth is the strongest since August 25, when sales volume surpassed $93 million. The all-time high for weekly NFT sales was from August 23 to August 29, 2021, reaching $2.2 billion, highlighting challenges in reaching previous peaks.
The market recovery is evident, but individual blockchain performance is mixed. Bitcoin, Ethereum, and Solana experienced declines in trading volumes, while Mythos Chain recorded a 6,000% increase in sales, surpassing $15 million over the past seven days.This growth made Mythos Chain the second most active blockchain for NFTs, trailing only Ethereum.
Polygon also experienced positive growth, reporting a 210% increase in weekly sales volume, showing renewed interest in its platform for NFT activity. The variation in performance across different chains highlights the differing levels of engagement and adoption within the broader NFT ecosystem.
Dmarket -led individual collections with over $14 million in sales through 537,714 transactions during the week. This surge in activity is part of a broader increase in both the number of buyers and total transactions in the NFT market.
Data from CryptoSlam shows that more than 839,000 buyers participated in the market in the past week, representing a 22% increase compared to the previous period. Additionally, the total number of transactions surpassed two million, indicating a significant 71% rise. These figures suggest that buyer interest is rekindling, though the market is still far from its heights during the 2021 NFT boom.
Despite recent gains, the NFT market continues to face challenges in reclaiming its previous momentum. In September, total NFT sales amounted to $303 million, down from $373 million in August. The month with the highest NFT sales in 2024 remains March, with $1.6 billion in transactions.
Additionally, while there has been some market recovery, high-profile sales have seen notable losses. A CryptoPunk NFT, originally sold for $23.2 million in 2022, was recently resold at a substantial 80% discount for 1,500 ETH, worth approximately $3.9 million.
The original owner, Deepak Thapliyal, bid farewell to the token on social media platform X (formerly Twitter), while the new owner, VOMBATUS, commented that the purchase price was akin to acquiring a "free" token.