The declines are over: A new beginning in NFT sales.

October has been a significant turning point in the NFT market. The monthly sales volume of NFTs reached $356 million, marking an 18% increase from the low levels in September. This increase indicates the end of a seven-month decline trend and shows that demand for NFTs has revived. Sales of Solana-based collections also played a major role in this recovery.

NFT Market Ends 7-Month Decline

NFTs, which are popular investment vehicles in the world of digital art and collectibles, exhibited an unexpected recovery in October. The market reversed the long-standing downward trend, reaching a monthly sales volume of $356 million, reflecting an 18% increase compared to September.

This rise following a seven-month decline has rekindled hopes in the sector. After reaching a record level of $1.6 billion in March 2024, the market had shown a continuous decline, but its performance in October drew attention. According to the latest data, the trading volume, which hovered around $300 million in September, showed a significant improvement in October.

A notable increase in transaction numbers was also observed. The number of transactions, which was 5 million in September, rose to 7.2 million in October, showcasing an impressive growth of 42%. Particularly, the $84 million volume recorded in the first week of the month (September 30 - October 6) was noted as the highest weekly performance seen since August.

In the last month, the DMarket collection, utilizing the Mythos Chain infrastructure, topped the charts with $33 million in sales. The Guild of Guardians Heroes collection on the Immutable platform ranked second with a sales volume of $13 million. Established collections like Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks also reached significant sales figures.

NFTs in the Solana ecosystem also achieved remarkable success. Collections such as DogeZuki, Froganas, and Retardio Cousins led to approximately $25 million in sales. The total sales volume of Solana-based NFTs reached $67 million in October, constituting 19% of the total monthly NFT volume. This performance brought the platform's total NFT sales volume close to $6 billion, positioning Solana as one of the leading players in the industry.