The weekly trading volume of NFTs reached the highest level since August
Weekly sales of non-volatile tokens (NFTs) hit their highest level since August, after weeks of sluggish sales amid a broader market decline.
Data from NFT market tracker CryptoSlam! Weekly sales between September 30th and October 6th show that it took in over $84.9 million.
In the year It was the highest weekly NFT sales volume since the week ending August 25th, which exceeded $93 million.
Weekly trading volumes for NFTs have been trending downward since August. Source: CryptoSlam!
At its peak, weekly sales volume for NFTs was over $2.2 billion, achieved from August 23 to August 29, 2021, according to CryptoSlam!
At the same time, three of the top five major blocks for NFTs recorded lower trading volume, with Bitcoin (BTC), Ether (ETH) and Solana (SOL) losing ground compared to last week.
Mythos Chain led the pack in terms of gains, with a total of over $15 million in sales under Ethereum, an increase of over 6,000% in Ethereum.
Polygon was also in the green, with a 210% increase in weekly sales volume.
Overall, only two of the top five NFT blockchains were in the green for the week. Source: CryptoSlam!
NFT cluster Dmarket had the highest volume of sales over the past seven days, with 537,714 transactions exceeding $14 million.
In addition to the increase in total weekly volume, the number of NFT buyers increased at CryptoSlam! The data shows more than 839,000 NFT buyers in the past seven days, a nearly 22 percent increase from the previous week.
With a total of more than two million registered, there was a huge jump in transactions of more than 71 percent from the week before.
The broader NFT market is still struggling to regain ground and the highs of previous years.
Related: NFT Sales Drop to Lowest Monthly Volume Since 2021 – CryptoSlam
Data from CryptoSlam! NFT recorded sales of $303 million in September, down from $373 million in August.
The market's strongest month so far in 2024 was March, with $1.6 billion in sales.
In the year An August 20 NFT Nightly Analysts Report found that 96% of the 5,000 NFT clusters they examined are dead by 2024, with a third kicking the bucket by 2023.
According to the report, all of the investigated collections saw no business activity, sales and social media engagement for more than a week. The average lifespan of NFT clusters is also found to be over a year.
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