Non-fungible tokens (NFTs) are showing renewed vigor with a recent uptick in weekly volumes across notable blockchains for digital collectibles. Following a series of downturns in 2024, these unique digital assets have bounced back, as observed on August 26. According to the NFT tracking platform, CryptoSlam, top NFT blockchains such as Ethereum, Solana, Polygon, and Mythos Chain, witnessed a surge in sales volumes. Notably, Polygon took the helm, marking a hefty 123.20% climb in a week’s sales, trailed by Ethereum and Solana, which posted 32.79% and 12.13% weekly improvements respectively.
Interestingly, the Bitcoin blockchain retreated with a subtle 7.01% drop in the weekly volume – the lone player in the top five NFT blockchains to record a slump. Beyond the volume swell, a rise in the number of NFT buyers adds another dimension to this wave of rejuvenation. With a staggering 37.97% week on week surge, CryptoSlam reported more than 500,000 NFT buyers in the past week.
In the same period, the top 10 blockchains for NFTs registered a surge in buyers, spearheaded by Solana boasting 220,304 buyers. Subsequently, Polygon and the Ethereum network attracted 89,498 and 44,188 buyers, respectively.
Despite portraying recent signs of rejuvenation, this moderate uptick does little to negate the steeper monthly falls in NFT sales volumes. Case in point, the second quarter of 2024 saw a severe 45% plunge in the digital collectibles market. NFTs generated a sales volume of $2.24 billion – a record low since the third quarter of 2023, amid Bitcoin’s pessimistic outlook.
July didn’t fare any better as NFTs posted their poorest monthly sales volume since November 2023. However, a silver lining manifested in the form of a 73% hike in transactions, despite the volume tumble. Data from CryptoSlam highlights a 40.91% cutback in NFT sales volumes over the past 30 days.