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NFT sales volumes are on the rise again among major blockchains, with Polygon taking the lead with a 123.20% increase.
After a series of declines in 2024, weekly NFT sales volumes on the most popular blockchains for digital collectibles are back on a positive track.
On August 26, data from NFT tracker CryptoSlam showed that the top 5 blockchains for NFTs had a good week in terms of digital collectibles sales. Platforms such as Ethereum, Solana, Polygon, and Mythos Chain saw volume increases, with Polygon leading the way with a seven-day sales increase of 123.20%.
Ethereum came in second with a 32.79% increase, while Solana saw a 12.13% increase in weekly sales.
While most of the top 5 blockchains for NFTs had a positive week in sales volumes, the Bitcoin blockchain was on a slight downtrend. According to CryptoSlam, the Bitcoin blockchain saw a 7.01% decrease in sales volume compared to the previous week.
Weekly NFT Buyers Increase
In addition to the increase in weekly volumes, the number of NFT buyers also increased last week. According to CryptoSlam data, there were more than 500,000 NFT buyers in the last seven days, representing a 37.97% increase compared to the previous week.
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All of the 10 most popular blockchains for NFTs saw increases in buyers last week, with Solana topping the list with 220,304 NFT buyers. Polygon came in second with 89,498, while the Ethereum network had 44,188 buyers.
Not Enough to Make Up for MonthlyNFT Volume Drops
While NFTs are showing signs of recovery, this small increase in weekly volumes is not enough to make up for the overall monthly volume decline in the NFT space.
The digital collectibles market saw a 45% decline in Q2 2024. NFTs recorded $2.24 billion in sales volume, their weakest performance since Q3 2023. This downtrend comes amid a negative outlook for Bitcoin, one of the major NFT leaders.
In July, NFTs saw their lowest monthly volume since November 2023. However, despite the decline in volume, blockchain-based digital collectibles saw a 73% increase in transactions. Over the past 30 days, NFTs saw a 40.91% decrease in sales volume, according to CryptoSlam data.
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