After a challenging year of decline, the weekly sales volumes of non-fungible tokens (NFTs) on leading blockchain platforms have shown a significant rebound. Recent data from CryptoSlam highlights a positive shift in the market, suggesting a possible resurgence in digital collectibles.
Over the past week, NFTs across the top five blockchains experienced notable gains. Polygon emerged as the frontrunner with an impressive 123.20% increase in seven-day sales, marking a strong recovery. Ethereum followed with a 32.79% rise, while Solana recorded a 12.13% boost. These figures reflect a renewed interest in NFTs, particularly on these major platforms.
However, not all blockchains shared in the optimism. Bitcoin was the only major platform to see a decline, with a 7.01% decrease in weekly sales volume, making it the outlier in an otherwise positive week for the NFT market.
In tandem with the rise in sales volume, the number of NFT buyers also surged significantly. According to CryptoSlam, over 500,000 buyers entered the NFT market this past week, representing a 37.97% increase from the previous week. Solana led the pack with 220,304 buyers, followed by Polygon with 89,498 and Ethereum with 44,188 buyers.
Despite these encouraging weekly gains, the broader NFT market continues to grapple with a downward trend in monthly sales. The recent uptick has not been enough to reverse the ongoing decline seen in recent months. The NFT sector experienced a 45% drop in sales during the second quarter of 2024, with total sales volume plummeting to $2.24 billion—the lowest since the third quarter of 2023.
July 2024 proved particularly difficult, recording the lowest monthly sales volume since November 2023. However, the market did see a 73% increase in transactions, suggesting that while overall sales values have decreased, the number of individual transactions remains robust, potentially indicating more activity at lower price points.
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