October became a long-awaited month of growth for the NFT sector, with sales of digital collectibles reaching $356 million — 18% more than September — following a record low. Are these numbers indicative of long-term growth, or just a short-lived wave of interest?
The NFT market broke a seven-month decline with a sharp recovery in October sales. Since March, when NFT sales volumes hit $1.6 billion — a record for 2024 — volumes steadily fell, reaching a low in September with $300 million, 20% down from August. But in October, volumes rose to $356 million, bringing the sector back to positive momentum.
In addition to the rise in sales volume, the number of transactions increased too—7.2 million NFT transactions were recorded in October, a 42% jump from September. Early October also saw a weekly record: between September 30 and October 6, the market saw the highest weekly volume since August, reaching $84 million.
Key Takeaways:
- An 18% increase in volume inspires optimism among investors.
- A 42% increase in transactions confirms renewed user interest.
- This could be a temporary recovery driven by short-term factors rather than a sign of long-term interest.
- The overall trend of declining volumes in 2024 remains relevant.
Will Interest in NFTs Return?
Despite noticeable improvements, the future of the NFT market remains uncertain. This surge, while attention-grabbing, may be temporary. Let’s see what happens in November.
