Guild of Guardians

2024

Bitcoin

Mythos

After seven consecutive months of dwindling sales, Non-Fungible Tokens (NFTs) staged a comeback in October 2024. Digital collectibles <a href="https://www.cryptoslam.io/nftglobal?timeFrame=month" rel="noopener noreferrer nofollow">recorded</a> a welcoming uptick, with a significant monthly sales volume reaching $356 million, an 18% boost from September’s record low. This unexpected rebound hints at the resilience of the NFT market amid broader market uncertainties.
<h2 id="b-nft-sales-volume-rebounded-from-record-lows-b">NFT Sales Volume Rebounded from Record Lows</h2>
NFTs peaked this year with a $1.6 billion monthly volume in March 2024, but the following months marked a steady downturn. According to CryptoSlam, <a href="https://thecoinrise.com/memecoins-and-market-slump-trigger-nft-sales-decline-in-q2-2024/" rel="noopener noreferrer nofollow">NFT sales hit its lowest point</a> in September at $300 million, marking a 20% fall from August. This sustained drop left many questioning the future of NFTs as buyers and collectors turned cautious.&nbsp;
However, October’s surprising 18% jump to $356 million is the first sign of positive momentum in nearly eight months. Notably, October’s rise in NFT volume suggests the market may stabilize near a low point, with potential for future growth.
October’s rise was not limited to sales volume; transaction counts also surged. NFT transactions reached 7.2 million in October, a 42% increase from September’s 5 million, showing a rebound in activity. In early October, <a href="https://thecoinrise.com/nft-records-weekly-surge-as-ethereum-takes-the-lead/" rel="noopener noreferrer nofollow">NFTs reached its highest weekly volume</a> since August, with $84 million in sales, hinting at renewed demand.
<h2 id="b-ethereum-and-bitcoin-nfts-hold-their-ground-b">Ethereum and Bitcoin NFTs Hold Their Ground</h2>
Ethereum and Bitcoin-based NFTs strengthened in October, with established collections like Bored Ape Yacht Club, CryptoPunks, and Bitcoin Puppets consistently drawing high volumes. Ethereum remains a dominant force in the NFT space, while Bitcoin’s entry into the NFT market earlier this year has steadily gained traction.&nbsp;
Among the collections driving October’s recovery, Mythos Chain and Immutable also stood out. Mythos Chain’s DMarket led with $33 million in sales, followed by Immutable’s Guild of Guardians at $13 million. This highlights the strength of niche platforms, especially in areas like blockchain gaming, where engagement remains strong.
<h2 id="b-solana-nfts-capture-new-interest-boosts-overall-sales-b">Solana NFTs Capture New Interest, Boosts Overall Sales</h2>
<a href="https://thecoinrise.com/magic-eden-defies-market-trend-as-its-nft-ecosystem-soars/" rel="noopener noreferrer nofollow">Solana-based NFTs</a> also played a major role in October’s rebound, securing its place among the top 10 NFT collections by sales volume. Collections like DogeZuki, Froganas, and Retardio Cousins collectively contributed nearly $25 million in October.
Solana NFTs amassed $67 million in sales volume, making up 19% of the monthly total. This notable surge reinforced Solana’s position as the second-largest blockchain for NFTs by all-time volume, which now nears $6 billion. <a href="https://thecoinrise.com/solana-path-forward-insights-from-drip-haus-ceo-vibhu-norby/" rel="noopener noreferrer nofollow">Solana’s affordability, speed, and vibrant developer community</a> have made it a hub for NFT creators and collectors. These traits have allowed it to gain a foothold despite recent downturns.
The post <a href="https://thecoinrise.com/nft-market-rebounds-in-october-with-356m-sales-figure/" rel="noopener noreferrer nofollow">NFT Market Rebounds in October With $356M Sales Figure</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

NFT Market Rebounds in October With $356M Sales Figure

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TheCoinrise Media

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