Weekly NFT Sales Volumes Fly

This was a memorable week for the NFT segment. Weekly sales volumes of non-fungible tokens reached their highest level since the end of August. The month of September is typically lean for the Web3 and cryptocurrency sector, and again this year was characterised by a major downturn. Not surprisingly, the market recorded losses, in some cases substantial ones, in the last month of the summer. Since the beginning of October, however, we are seeing a pronounced recovery.

The Data from CryptoSlam! On the Weekly Sales of NFT

CryptoSlam! is a market tracker that conducts market surveys, mainly related to cryptocurrencies, as its name suggests. The volumes it has released in recent hours are quite interesting. According to him, between 30 September and 6 October, sales were close to $85 million. Not since the week of 25 August, when 93 million tokens were purchased in NFTs.

We are a long way from the all-time record of the summer of 2021, when transitions in six days reached 2.2 billion, but these are also two very different periods. At the time, the lure of NFTs was much stronger and numerous investors chose to devote time and, of course, money to them.

Curious Dynamics

Three of the main blockchains on which NFTs are developed - Bitcoin, Ethereum and Solana - recorded significantly lower trading volumes than those involving non-fungible tokens, in the same week of reference. This means that the NFT market has moved autonomously, detaching itself from the cryptocurrency market anchored to its own blockchain.

There is actually a reason for this: to explain this, one must consider the exploits of two smaller chains, if we want to call them that, on which tokens are traded: Mythos and Polygon. Over the past seven days, the first of these has literally soared, seeing an increase in traffic of up to 6000%, driven largely by NFTs. Polygon did not experience comparable growth, but still doubled its traffic over the previous 7 days, those ending 29 September.

A Vertical Growth for NFTs At Beginning October

The week ending Sunday will be a memorable one for many NFTs, especially those from the Dmarket collection, which has been a resounding sales success. Over the past 7 days, it has had 537,714 transactions and grossed $14 million.

The 2 million total transactions recorded by CryptoSlam! during the past week are 71% more than during the previous 7 days. This figure alone shows how investor sentiment towards this product is absolutely positive in this short interval. It is no coincidence that not only the number of transactions executed increased, but also the number of buyers, which grew by 22% over the final 7 days of September. There were 839,000 buyers up to 11.59pm last Sunday, 6 October.

What now remains to be seen is whether these dynamics are due to a particular moment in time or represent the first steps on a ladder that will be travelled throughout the month (or perhaps even longer). As far as the NFT segment is concerned, in 2024, the month of March bore the most fruit. In that period, the turnover of this market reached $1.6 billion. Who knows, maybe in October we will not reach these figures again.

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