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NFTs record a sharp drop in sales in October, with a 36% reduction
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NFT sales continued their downward trend in October, totaling around US$361 million, which represents a 36% decrease compared to the previous month.
The NFT market, which had already seen a 47.9% decline in September, continues to face challenges amid weakening interest in digital assets. Ethereum-based NFTs led the market in October, raising just over $120 million, a 34.11% drop compared to September.
Bitcoin and Solana, which rank second and third in sales volume, also reflected this downward trend. NFTs based on Bitcoin totaled US$69.6 million, a decline of 27.17%. Meanwhile, Solana recorded $66.26 million in sales, decreasing 22.94% from the previous month.
These numbers highlight the weakening demand for key digital assets, with the exception of a few one-off collections that have shown resilience amid the market downturn.
NFTs drop in October
In terms of individual collectibles, Mythos’ Dmarket stood out as the top digital asset in October. The NFT reached $37.1 million in sales, an increase of 3,186.16% from September.
This performance boosted collection volume and highlighted continued interest in some specific segments of the NFT market. Another collection that demonstrated a positive performance was Bitcoin Puppets NFT, which raised US$10.58 million, marking a 66.78% increase in sales volume.
In contrast, Immutable
October also saw the most expensive NFT transaction of the month, with an Uncategorized Ordinal selling for $4.55 million. Other notable sales included BAYC #7,940, which sold for $1.43 million on the Ethereum network. Additionally, a USDT collectible locked in BNB sold for $343,310.
Despite the drop in sales volume, the number of NFT transactions in October still reached around 7.43 million. However, this represents a reduction of 40.55% compared to the previous month.
Interestingly, the number of sellers increased by 2.23%. Meanwhile, the number of buyers increased by 26.52%, signaling that, despite the drop in sales, interest in acquiring these assets still persists, indicating a base of cautious but interested investors.
NFTs record a sharp drop in sales in October, with a 36% reduction
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NFTs record a sharp drop in sales in October, with a 36% reduction
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NFTs record a sharp drop in sales in October, with a 36% reduction
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NFTs record a sharp drop in sales in October, with a 36% reduction
