NFT sales surge 18% as all-time volume on Solana nears $6B
Analysis
Price Impact
MedIncreased nft trading volume on solana indicates increased activity and potential demand for sol, which is used to pay transaction fees on the solana blockchain.
Trustworthiness
HighThe information comes from a reputable source, cointelegraph, which is a well-known and trusted news outlet in the crypto space.
Price Direction
BullishHigher nft volume on solana likely reflects increased user activity and potential demand for sol, which is used to pay transaction fees on the solana blockchain, potentially leading to price appreciation.
Time Effect
ShortThe impact is likely to be felt in the short term, as the news is fresh and could trigger immediate buying pressure.
Original Article:
Article Content:
Ezra Reguerra 1 minute ago NFT sales surge 18% as all-time volume on Solana nears $6B NFTs recorded a monthly sales volume of $356 in October, an 18% increase from its September record. 5 Total views Listen to article 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Follow our Subscribe on Non-fungible tokens (NFTs) broke their seven-month downward trend in October as digital collectibles recorded an 18% increase in volume. Since recording a monthly volume of $1.6 billion in March, its highest in 2024, NFT volumes have been on a downward trajectory. It continued through September when NFTs reached their lowest monthly volume since 2021. NFTs record a $356 million monthly volume in October CryptoSlam data shows that NFTs only had a volume of about $300 million in September 2024, a 20% decrease from August’s record. However, despite continuously getting lower in 2024, NFTs’ monthly sales volume saw a brief recovery in October. NFT monthly sales volume for 2024. Source: CryptoSlam In October 2024, NFTs recorded a volume of $356 million, an 18% month-on-month increase. The upward surge in NFT sales breaks the seven-month downturn in monthly sales for digital collectibles. In addition, NFTs had an increase in total number of transactions. In October, NFT transactions totaled 7.2 million, a 42% increase from September’s five million transactions. Besides its monthly volume increase, NFT weekly volumes reached a high in October . Between Sept. 30 and Oct. 6, NFTs showed their strongest weekly sales since August, topping out at over $84 million, according to CryptoSlam. NFT collections with the most sales volume in the last 30 days. Source: CryptoSlam Mythos Chain-based NFT collection DMarket led the last 30 days in sales volume, accumulating $33 million in sales. The collection is followed by the Immutable-based collection Guild of Guardians Heroes, which has a volume of $13 million. Bitcoin and Ethereum-based collections like Bitcoin Puppets, Bored Ape Yacht Club and CryptoPunks showed strong volumes in October. Related: Mutant Ape NFT ripoff creator to forfeit $1.4M, avoids prison Solana’s all-time NFT volume nears $6 billion Apart from Bitcoin and Ethereum NFTs, Solana-based collectibles are also on the list of the top 10 collections by sales volume in October. Solana NFTs like DogeZuki, Froganas and Retardio Cousins had a combined record of almost $25 million in sales last month. Blockchains by all-time NFT sales volume. Source: CryptoSlam Collectively, Solana-based NFTs recorded a 30-day sales volume of $67 million in October, taking up 19% of the overall NFT monthly volume for the month. This brings Solana-based NFTs’ all-time sales volume to almost $6 billion, as it remains the second-ranked blockchain in overall NFT sales. Magazine: NFT Collector, DCinvestor: Is this the best NFT collection in the world? # Blockchain # Data # Solana # NFT Add reaction