Orhan 
The long-awaited movement in the NFT market has finally appeared, with sales volume reaching $85 million in the week ending October 6. This figure marks the highest weekly sales volume recorded for NFTs since late August, reigniting interest in the ecosystem, which had been stagnant for some time. However, it’s unclear whether this surge signals a short-term boost or a more sustained recovery in the market.
According to a report by NFT data tracker CryptoSlam!, the sales performance between September 30 and October 6 closely matches the late August weekly peak of $93 million. However, overall, the sales volume of NFTs is still much lower compared to the massive growth period seen in 2021. During the peak week of August 23-29, 2021, NFT sales volume exceeded $2.2 billion, marking a historic milestone.
Uneven Performance Across Blockchains
Despite the recovery in sales volume, some of the largest blockchains, especially Bitcoin, Ethereum, and Solana, recorded declines in transaction volumes. However, smaller chains posted significant gains. Notably, Mythos Chain saw an increase of over 6,000%, reaching $15 million in weekly sales and securing the second spot after Ethereum. Similarly, Polygon remained in the green with a 210% weekly increase, continuing its impressive performance.
Among NFT collections, Dmarket stood out, becoming the top-selling collection of the week with a total of 537,714 transactions, generating over $14 million in sales. These figures demonstrate that Dmarket has quickly become one of the most active projects in the NFT space.
Growth in NFT Buyers and Transaction Volumes
The resurgence in the ecosystem wasn’t limited to sales volume alone. According to CryptoSlam!, over 839,000 NFT buyers joined the market in the past seven days, reflecting a 22% increase compared to the previous week. Additionally, there was a significant rise in transaction numbers, with over two million transactions recorded, marking a 71% increase from the previous week.
This growth could be interpreted as a signal of renewed momentum in the NFT ecosystem. The rise in decentralized finance (DeFi) applications, the increase in total value locked (TVL), and the surge in the number of NFT buyers indicate stronger market participation.
The Future of the NFT Market and Challenges
Despite signs of recovery, the market still faces a challenging path throughout 2024. According to CryptoSlam!, total sales in September reached $303 million, falling short of August’s $373 million volume. However, the $1.6 billion sales volume recorded in March 2024 remains the strongest performance of the year so far.
Nonetheless, there are significant hurdles to achieving long-term sustainable growth in the market. NFT analysts predict that 96% of existing NFT collections will be discarded by the end of 2024, with many expected to exit the market by 2023. The average lifespan of an NFT collection is just over a year.
These insights underscore the importance of innovation and creating long-lasting projects in the NFT space. The market’s future growth will depend not only on the durability of current projects but also on the rapid introduction of new and creative solutions into the ecosystem.
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