Sales increased by 18% in October, and the NFT market has made a significant recovery after a series of downturns. Monthly NFT trading volume rose to $356 million from a low of about $300 million in September, the lowest level since 2021, according to the data Crypto Grand Slam. The number of NFT transactions had been steadily declining until March, when annual transaction value peaked at $1.6 billion; this rise marks a significant departure from previous patterns.
Source: CryptoSlam
September has been a tough month for the NFT industry, with trading volumes down 20% since August alone. With the market down significantly, many are unsure about the future of digital collectibles. October’s data, while discouraging, offers new hope. Still, traders and collectors are still interested in NFTs, as evidenced by the surge, which is up 42% from 5 million transactions in September.
Weekly transaction data from late September to early October also showed a surge in interest in NFTs. NFT sales totaled $84 million in the week from September 30 to October 6, the most active week since August. This performance was driven by the top series, with Mythos Chain-based DMarket generating a total revenue of $33 million in 30 days. New activity is emerging across many platforms, showing that this expansion is not limited to any one blockchain.
The best performers in the NFT market in October
Several NFT series saw strong sales in October. Following DMarket, trade volume for Guild of Guardians Heroes hosted on Immutable reached $13 million. A collection of products based on Bitcoin and Ethereum, such as Cryptopunk, Bored Ape Yacht ClubBitcoin Golem has also performed well, showing diverse distribution across different blockchain ecosystems. Popular series such as DogeZuki, Froganas and Retardio Cousins also helped Solana-based NFTs stand out, with sales of approximately $25 million.
The Solana ecosystem has become an important force in the NFT world. In October, the monthly total reached $67 million. Solana’s total sales are currently approximately $6 billion, accounting for 19% of the NFT industry. Due to this growth, Solana is now ranked as the most active NFT operating platform after Ethereum. The continued profitability of the Solana NFT ecosystem demonstrates that there is high demand for collectibles based on blockchain technology on platforms other than Bitcoin and Ethereum.
Despite the recent uptick in sales, some high-profile NFTs have seen significant price drops. Originally purchased for 8,000 ETH (worth $23.2 million at the time), the CryptoPunk NFT was sold at an 80% discount for approximately $3.9 million or 1,500 ETH. The original buyer, Deepak Thapliyal, gave away X tokens, and VOMBATUS described the transaction as almost “free.” The sale reflects the volatility of the NFT market, whose value can fluctuate significantly over time.
Not every change in the NFT field is good. Large companies have begun to withdraw from NFT participation. Starbucks’ decision in March to end its NFT rewards loyalty program marked a change in approach for the international coffee giant. Similarly, gaming retailer GameStop announced in January that it would shut down its NFT marketplace after cutting back on cryptocurrency-related services over the past two years. In another notable move, Elon Musk’s Company X has removed the option for premium customers to use an NFT photo as their profile photo.
The recent resurgence of the NFT market points to renewed interest in digital collectibles, despite some major brands exiting the space. While platforms like Solana have gained market dominance due to a surge in sales and transactions in October, Bitcoin and Ethereum collections remain popular among collectors. Recent changes in NFT prices show that the market remains dynamic and unstable, with both great dangers and prospects for development. These advancements highlight the ongoing changes in the larger crypto scene, where innovation and instability coexist as NFTs continue to improve.
