The NFT market broke its seven-month downtrend in October 2024, recording a significant sales volume of $356 million—a sharp 18% increase from September’s record low. After a sluggish year for non-fungible tokens (NFTs), this upward trend indicates renewed interest in digital collectibles, driven by blockchain ecosystems like Solana, Bitcoin, and Ethereum.
October 2024: NFTs Experience an 18% Sales Volume Growth
According to data from CryptoSlam, NFTs achieved a monthly sales volume of $356 million in October 2024, up from around $300 million in September. This marks an 18% month-on-month increase and highlights the first positive growth for the market after months of decline. Throughout most of 2024, NFT sales volumes consistently decreased, with March 2024 hitting a peak at $1.6 billion. However, by September, monthly NFT volumes dropped to their lowest since 2021.
In addition to the monthly increase, weekly volumes in October were also strong. The period from September 30 to October 6 witnessed the highest weekly sales since August, totaling over $84 million.
Increase in NFT Transactions Shows Market Engagement
October’s recovery was not just in sales volume but also in the total number of transactions. Monthly NFT transactions saw a notable rise, with a total of 7.2 million transactions in October—a 42% increase from September’s five million transactions. This spike in transaction volume underscores renewed interest and activity within the NFT space, as collectors and traders returned to the market.
Top NFT Collections Leading October Sales
Among the most successful collections of October were DMarket, hosted on the Mythos Chain, which led the month with $33 million in sales. Another top collection was Guild of Guardians Heroes, an Immutable-based series, with $13 million in volume. Other prominent Bitcoin and Ethereum-based collections, including Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks, also reported strong sales, contributing significantly to October’s overall NFT volume.
Solana’s All-Time NFT Volume Nears $6 Billion
Solana continues to solidify its position in the NFT space, ranking as the second-highest blockchain for NFT sales volume. Solana-based NFTs saw a combined volume of $67 million in October, representing 19% of the total NFT market. Popular collections on Solana included DogeZuki, Froganas, and Retardio Cousins, which collectively generated close to $25 million in sales. This strong performance has pushed Solana’s all-time NFT volume close to the $6 billion milestone, further establishing its role as a leader in the NFT ecosystem.
Key Takeaways
- Monthly Volume Increase: The NFT market recorded a total volume of $356 million in October, an 18% increase from September’s low.
- Transaction Surge: October saw 7.2 million NFT transactions, marking a 42% rise in activity from September.
- Top Collections: Mythos Chain’s DMarket led with $33 million in sales, followed by Guild of Guardians Heroes on Immutable.
- Solana’s Growth: Solana NFTs contributed $67 million to October’s total volume, bringing its all-time sales close to $6 billion.
This October surge signals a positive shift in the NFT market, with strong activity across blockchains and increased engagement from traders and collectors.
