The market for non-fungible tokens (NFTs), once deemed “worthless,” is beginning to show early signs of recovery. According to new data from NFT market tracker CryptoSlam, weekly sales of digital collectibles reached $82.6 million last week, marking the highest sales volume since August.
However, it’s important to note that this data has limitations. Weekly NFT sales reports provide only a snapshot of market activity and do not account for seasonal trends that could influence sales. Given the inherent volatility of the NFT market, these figures may not accurately reflect its long-term health.
Despite these concerns, NFTs continue to command impressive prices. Earlier this month, a user sold a CryptoPunk NFT for an astonishing $56.3 million.
This uptick follows a challenging period; earlier this year, CryptoSlam reported a significant 45% decline in NFT sales during the second quarter. August recorded the year’s lowest sales volume, totaling just $376.3 million, making it the weakest month for NFTs.
While the current increase in sales is modest compared to the heights reached during the 2021-2022 crypto bull market, there are growing speculations about a potential resurgence for NFTs. Recently, more than $26.5 million in NFT sales occurred on the Ethereum blockchain, and this week alone has seen over $5.5 million in sales, suggesting that activity may continue to rise.
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