2024-11-03
In a surprising uptick, non-fungible
token (NFT) sales rose to $356 million in October 2024, marking an 18% increase
over the previous month’s $303 million in sales.
This boost has provided a momentary lift in a market that has faced a steady decline over the past several months, following a record-breaking boom earlier in the year.
Since May 2024, NFT sales have
consistently fallen below the $1 billion mark, signaling a cooldown from the
surge experienced between December 2023 and April 2024, when monthly sales
regularly exceeded $1 billion.
Analysts suggest that while October’s
growth is a positive sign, the market needs to return to a monthly volume of
over $1 billion to re-energize interest and investment in NFTs.
If NFT monthly sales volume increase
close to $1 billion, this figure can offer some optimism for collectors,
creators, and platforms hoping for a resurgence.
