The non-fungible token (NFT) market experienced a recovery in October, with an 18% increase in sales volume, reversing a seven-month downward trend.
According to data from CryptoSlam, NFTs recorded a monthly volume of $356 million, up from the approximate low of $300 million in September, marking the lowest level since 2021.
NFT trading had been steadily declining since March, when monthly volumes peaked at $1.6 billion.
NFT Market Fell by 20% in September
In September, the market had significantly contracted, with volumes dropping by 20% compared to August.
However, October marked a brief yet notable recovery for digital collectibles.
The October increase wasn’t just in dollar terms. Most notably, the number of transactions also surged, totaling 7.2 million for the month. This represented a 42% jump from the five million transactions in September. Weekly data also indicated a rise in activity.
Between September 30 and October 6, NFT sales saw their best weekly performance since August, with over $84 million in recorded trades.
The top-selling NFT collections in the past month were led by DMarket on the Mythos Chain, which generated $33 million in sales over 30 days, followed by Guild of Guardians Heroes on Immutable, with a trading volume of $13 million.
Popular Bitcoin- and Ethereum-based collections, including Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks, also showed strong performances in October.
Solana-based NFTs had a standout month, with collections like DogeZuki, Froganas, and Retardio Cousins collectively generating nearly $25 million in sales.
Additionally, the Solana NFT ecosystem reached a total monthly volume of $67 million, representing 19% of the total NFT market.
This momentum boosted Solana’s cumulative sales volume to nearly $6 billion, cementing its position as the second most active blockchain for NFT transactions.
The resurgence in NFT sales highlights renewed interest in digital assets, especially on Solana, which continues to capture a significant share of the market.
CryptoPunk NFT Sold at 80% Discount
Although the NFT market has recently shown slight recovery, it remains far below its 2021 highs.
Recently, a CryptoPunk NFT that sold for $23.2 million in 2022 was resold at an 80% discount for 1,500 ETH, worth about $3.9 million.
The original owner, Deepak Thapliyal, who bought the NFT for 8,000 ETH, bid farewell to the token on X (formerly Twitter).
The new buyer, VOMBATUS, later confirmed the purchase, comparing the low price to getting a token “for free.”
The NFT, CryptoPunk #5822, was subsequently relisted for 5,000 ETH, indicating a potential 45% loss for Thapliyal if sold at that price.
Meanwhile, companies have shown a trend of pulling back from the NFT space.
In March, Starbucks, the well-known multinational coffee chain, decided to close its NFT rewards program.
In January, video game retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years.
More recently, X discontinued a feature that allowed premium users to use NFT images as their profile pictures.
