The NFT (non-fungible token) sector is experiencing a recovery, with a recent indicator being last week’s sales, which reached their highest value since August.
According to data from CryptoSlam, a platform that monitors the NFT market, sales surpassed $84.9 million between September 30 and October 6. This marks a significant growth, especially considering the recent weak performance in the sector.
The last peak occurred on August 25, when sales exceeded $93 million. However, the highest peak was back in 2021, between August 23 and 29, when sales topped $2.2 billion, according to CryptoSlam data.
Mythos Chain sales surge by 6,000%
Among the recent success stories in NFT sales is the blockchain Mythos Chain. The network recorded more than $15 million in sales, representing a staggering 6,000% increase in the past seven days. This surge has made Mythos Chain the second most active blockchain, trailing only Ethereum.
Another network that performed well in recent days was Polygon, which also saw a significant 210% growth in weekly sales volume.
On the individual collections side, Dmarket stood out, generating over $14 million in sales through 537,714 transactions during the week.
Alongside the increase in sales, the number of NFT buyers also rose. According to CryptoSlam, more than 839,000 buyers entered the market last week, reflecting a 22% increase compared to the previous period.
Lastly, the total number of transactions saw a substantial 71% increase, surpassing 2 million.
Challenges ahead
Despite the optimism sparked by the recent market recovery, not all blockchains have benefited equally. Among the top five blockchains for NFTs, Bitcoin, Ethereum, and Solana saw a decline in transaction volume last week compared to the previous week.
Additionally, while the recent gains are encouraging, the NFT market still faces challenges compared to previous years’ performance.
In September, total NFT sales reached $303 million, down from $373 million in August. This year’s record remains in March, with $1.6 billion in sales.
Another factor to consider when analyzing the challenges in this sector is the lifecycle of an NFT collection, which typically lasts about a year—a reflection of the market’s rapid evolution and volatility.
A report by NFT Evening analyzed 5,000 NFT collections and found that about 96% of them were inactive in 2024, with many ceasing operations last year.
CryptoPunks NFT sold at an 80% Discount
Another example illustrating that the NFT market is far from the performance levels of 2021 is the CryptoPunks project.
A CryptoPunks NFT, sold for $23.2 million in 2022, was recently resold at an 80% discount, with the value dropping to approximately $3.9 million (1,500 ETH).
The original owner, Deepak Thapliyal, who purchased the NFT for 8,000 ETH, formally said goodbye to the token in a post on X. The new buyer, VOMBATUS, confirmed the purchase, noting that the price was so low it felt like getting a token for free.
Another challenge for the NFT sector is that several companies are discontinuing their involvement in the space.
In March, Starbucks decided to shut down its NFT rewards program. Similarly, in January, GameStop announced the closure of its NFT marketplace.
More recently, X (formerly Twitter), under Elon Musk’s ownership, disabled a feature that allowed premium users to use NFTs as profile pictures.
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