NFTs Reverse 7-Month Trend As Solana Rallies

In October, non-fungible tokens (NFTs) reversed a seven-month decline, seeing an 18% increase in trading volume.

Since March, when NFT monthly volumes reached $1.6 billion—their highest in 2024—the market had been trending downward, hitting its lowest monthly volume since 2021 in September.

According to CryptoSlam, NFT volume in September 2024 was around $300 million, marking a 20% decrease from August. However, NFT sales volume showed some recovery in October, reaching $356 million, an 18% increase month-over-month.

NFT transactions also surged, with October recording 7.2 million transactions, a 42% rise from September’s 5 million. In addition, NFT weekly volumes hit a high for the month. Between September 30 and October 6, NFT sales exceeded $84 million—the strongest weekly sales since August.

Among NFT collections, DMarket on the Mythos Chain led with $33 million in sales over the last 30 days. Guild of Guardians Heroes on Immutable followed with $13 million. Bitcoin and Ethereum-based collections, including Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks, also recorded strong volumes in October.

Solana-based NFTs continued to perform well. Collections such as DogeZuki, Froganas, and Retardio Cousins amassed nearly $25 million in sales during October. Solana-based NFTs registered a 30-day volume of $67 million, accounting for 19% of the total NFT volume that month. This brings Solana’s all-time NFT volume close to $6 billion, solidifying its position as the second-ranked blockchain by overall NFT sales.