When weekly volumes turn positive, NFTs show signs of life
After suffering a series of volume drops in 2024, weekly sales volumes of non-fungal tokens on some major blockchains for digital collectors have turned positive.
In the year On August 26, data from NFT tracker CryptoSlam showed that NFTs had a good week in terms of sales of digital collections based on the top 5 blockchains. Ethereum, Solana, Polygon, and Mythos Chain saw seven-day sales increase by 123.20%, while Polygon saw an increase in volume.
Meanwhile, Ethereum increased by 32.79%, while Solana showed a weekly sale of 12.13%.
Top seven-day performance of NFT blockchains. Source: CryptoSlam
While most of the top five blockchains for NFTs had a good week in terms of sales volume, the Bitcoin blockchain was the only one with a slight downward trend. According to CryptoSlam, the blockchain's volume decreased by 7.01% from the week before.
Increasing NFT buyers every week
In addition to the increase in weekly volumes, the number of NFT buyers increased last week. CryptoSlam data shows more than 500,000 NFT buyers in the past seven days, a 37.97% increase from a week ago.
The top 10 blockchains for NFTs all saw an increase in NFT buyers last week, with Solana leading the list with 220,304 NFT buyers. Polygon came in second with 89,498, while the Ethereum network had 44,188 buyers.
Related: $24M CryptoPunk Sale Shows ‘NFTs Are Over' Or ‘This Is The Bottom'
It is not enough to compensate for the decrease in monthly volume
While NFTs are showing signs of life, the slight increase in weekly volumes cannot offset the downward trend in monthly sales volume in the NFT space.
The digital collectors market showed a 45% decline in the second quarter of 2024. NFTs recorded a sales volume of $2.24 billion, marking the lowest performance since the third quarter of 2023. The downward momentum came in a negative view for Bitcoin, a key leader. In NFTs.
In July, NFTs had their lowest monthly volume since November 2023. But despite the drop in volume, blockchain-based digital collections saw a 73 percent increase in transactions.
In the last 30 days, CryptoSlam NFTs sales volumes have shown a decrease of 40.91%. Magazine: ‘It Hurts to Think': NFT Inventor Ne Alex Selling 70 CryptoPunks Too Early
