Tuesday, November 12, 2024 – The non-fungible token (NFT) market has rebounded, with an 18% upsurge in sales volume during October, reports said.
The monthly sales volume of NFTs has increased to $356 million from the lowest reported in September.
The steady decline of NFTs has spurred since March, when the monthly volume hit $1.6 billion.
In late September, the NFT market fell off, shrinking 20% from August sales volume.
Nevertheless, the NFT market recovered to an extent in October, amounting to 7.2 million transactions, which is a 42% increase from September transactions of 5 million, reports evaluated.
The first week of October recorded the significant performance of NFT trading, where it exceeded the $84 million trades.
DMarket secured first spot, recording $33 million of the highest daily sales volume of NFT, while Guild of Guardians Heroes was second with a $13 million volume.
BTC and ETH-based collectibles, CryptoPunks, and Bored Ape Yatch Club were next, recording a significant performance.
Solana-based NFTs had reached $25 million in sales.
Approximately $6 billion in total sales volume of Solana represents 19% of the NFT market.
This record indicates blockchain-based Solana collectibles have emerged as a top choice among users rather than BTC and ETH.
The downturn that existed for about seven months within the NFT industry demonstrates the evolving culture of the crypto sphere, where NFTs are counting for substantial growth along with user interest.
