After the sales dropped 20% in September, the non-fungible token (NFT) market showed a promising recovery in October, with an 18% increase in sales volume, breaking a seven-month slump.

According to CryptoSlam, NFT sales hit $356 million in October, a notable rise from September’s $300 million, the lowest volume since 2021. This increase follows a steady decline in NFT trading, which has dropped since its peak of $1.6 billion in March.

September saw a 20% decline from August’s volume, but October’s rebound was both in dollar amount and transaction volume. Monthly transactions surged to 7.2 million, a 42% increase over September’s 5 million transactions, with the first week of October posting the highest weekly sales since August at $84 million.

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DMarket led the most popular NFT collections in October on the Mythos Chain, which recorded $33 million in sales, followed by Guild of Guardians Heroes on Immutable with $13 million. 

Established collections like Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks also saw strong performances. Solana-based NFTs made significant gains, with collections such as DogeZuki and Froganas contributing to Solana’s $67 million monthly volume, which now represents 19% of the NFT market.

Solana’s cumulative NFT sales have now reached nearly $6 billion, positioning it as the second-largest blockchain for NFT activity. This resurgence reflects renewed interest in digital collectibles, particularly within the Solana ecosystem.

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Despite these gains, the NFT market remains below its 2021 highs. A recent example is the resale of a CryptoPunk NFT at a steep discount; once purchased for $23.2 million in 2022, it was recently resold for about $3.9 million, reflecting the market’s volatility.

Several major companies have scaled back their NFT initiatives. Starbucks ended its NFT rewards program in March, GameStop closed its NFT marketplace in January, and, more recently, X (formerly Twitter) stopped allowing premium users to display NFT profile images.

In summary, October’s NFT market revival shows a renewed but cautious interest in digital assets, with Solana solidifying its role as a key player. However, the market remains unpredictable as NFT values fluctuate and companies reevaluate their involvement.