NFT Sales on the Rise: October Sees 32% Surge, Reaching $405 Million
This encouraging shift not only signaled a break from the ongoing yearly decline in NFT trading but also coincided with Bitcoin’s remarkable ascent, breaching the $35,000 threshold, its highest value in over 16 months. The surge in Bitcoin’s price was driven by mounting speculation regarding the potential launch of a Bitcoin spot ETF, injecting fresh optimism into the market.
Ethereum, as ever, maintained its position as the preferred blockchain for NFT trading, witnessing a substantial 50% increase in trade volume during October. While these statistics indicated a positive trend, it’s worth noting that the total number of NFTs sold in the same month experienced a modest 5% decline in comparison to September.
Despite this newfound vitality, it’s important to acknowledge that NFT sales in October still fell short of the peak achieved in March, a period characterized by a severe bear market for the NFT industry.
NFT Markets Reach $106 Million; Ethereum Dominates, Bitcoin NFTs Gain Ground
In the period spanning from October 29 to November 5, 2023, the non-fungible token (NFT) market witnessed a noteworthy revival, with sales surging by 18.30% compared to the preceding week, reaching an impressive total of $106.32 million. This week’s NFT data reflects an encouraging increase in activity, with the number of both buyers and sellers climbing by 17.77% and 15.82%, respectively.
Related: The Resurgence of the NFT Market in October
Resurgence in NFT Market Performance
After a lackluster October marked by a downward trend, NFT sales made a strong comeback in the past week. During the previous week, NFT sales amounted to $89.87 million, but the current week saw a remarkable 18.30% increase, pushing the total to $106.32 million. Ethereum-based NFT sales took the lead, contributing $60.91 million to this week’s figures, demonstrating an 8.55% growth.
Ethereum’s supremacy was closely followed by a robust performance from Bitcoin, which generated $13.17 million in NFT sales over the week. Bitcoin-based NFTs experienced an astonishing 154.75% surge compared to the previous week, achieving a record level not seen in quite some time. Solana and Mythos also made notable contributions, with Solana NFT transactions totaling $8.53 million and Mythos sales reaching $7.46 million.
Immutable X secured the fifth position among blockchains for the week, with NFT sales amounting to $5.69 million. Leading the list of top-selling NFT collections for the week was the Bored Ape Yacht Club (BAYC), boasting impressive sales of $10.79 million, followed closely by The Captainz, which accumulated $8.54 million.
Dmarket recorded sales of $7.39 million, while Bitcoin’s BRC20 NFTs witnessed a substantial increase to reach $7.3 million. Furthermore, Gods Unchained achieved an impressive 53% sales growth, totaling $5.42 million, with Bitcoin’s BRC20 NFTs making a remarkable leap of 224.89%.
The highest-priced NFT transaction of the week was BAYC #6022, fetching a substantial $303,000.
Following closely was a BRC20 NFT with a sale price of $56,000. “Tigris Position #10505,” an Arbitrum NFT, changed hands for $39,000, while Emurgo, an asset based on Cardano, achieved $32,000 in sales. Solana’s “Mad Lads #5364” completed the top five, selling for $31,000.
While an 18% surge in sales represents significant progress, the key challenge lies in sustaining this positive trend in the weeks to come to offset the recent market downturn.
