NFT Sales Increase by 18% as Trading Volume on Solana Peaks at $5.93 Billion
Last month, NFTs (non-fungible tokens) broke their 7-month downtrend after recording an 18% surge in trading volume. Since posting $1.6 billion worth of trading volume in March, these digital collectibles have trended downwards in the past seven months. Notably, NFT trading volume plummeted to $303 million in September for the first time since 2021.
NFT Monthly Volume Jumps to $356 Million
According to data from CryptoSlam, NFT sales fell by at least 5% between April and September. However, a brief recovery was seen in October after monthly sales grew to $356 million, representing an 18% increase from $303 million recorded in the previous month.
Furthermore, the total number of NFT transactions increased last month. CryptoSlam data shows NFT traders conducted 7.2 million transactions. By comparison, about 5 million NFT transactions were processed in September, indicating a 42% surge.
Besides an increase in monthly trading volume, October saw a jump in NFT weekly volumes. Per data on CryptoSlam, weekly NFT sales were above $81 million last month for the first time since July.
DMarket NFT Project Recorded Highest Trading Volume in October
So, which NFT projects posted the highest sales in October? DMarket, an NFT collection minted on the Mythos blockchain, had the highest trading volume ($33.67 million) last month. Guild of Guardians Heroes, an NFT project on Immutable, came in second with $13 million worth of sales. Bitcoin-based collection Bitcoin Puppet posted the third-highest trading volume ($10.58 million).
Meanwhile, two of the biggest Ethereum-based NFT projects, Bored Ape Yacht Club and CryptoPunks, came in fourth and fifth with trading volumes of $10.4 million and $9.95 million, respectively.
Solana’s NFT Ecosystem Achieves a New Milestone
Although Solana-based NFT collections were not among the top five by monthly volume in October, they performed relatively well. Projects like Retardio Cousins, DogeZuki, and Froganas each recorded monthly sales worth at least $7 million.
According to CryptoSlam’s data, Solana NFTs saw $67 million in trading volume last month. That figure represents a 19% jump from September when $54.27 million worth of sales were recorded. Notably, the total trading volume for Solana NFTs has peaked at $5.93 billion, making Solana the second-biggest NFT market, only behind Ethereum, which has an all-time trading volume of $44.4 billion.
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