NFTs show signs of life as weekly volumes turn positive

NFT sales volumes have rebounded across major blockchains, with Polygon taking the lead with a 123.20% increase.

The weekly sales volumes of non-fungible tokens on some of the top blockchains for digital collectibles have turned positive after suffering a series of volume drops in 2024.   

On Aug. 26, data from NFT tracker CryptoSlam showed that digital collectibles based on the top 5 blockchains for NFTs had a good week regarding sales. Ethereum, Solana, Polygon and Mythos Chain have seen an increase in volume, with Polygon leading with a 123.20% increase in 7-day sales. 

Meanwhile, Ethereum followed with a 32.79% increase, while Solana showed a 12.13% in weekly sales. 

While most of the top 5 blockchains for NFTs have had a great week in sales volumes, the Bitcoin blockchain was the only one on a slight downward trend. The blockchain had a 7.01% decrease in sales volume compared to last week, according to CryptoSlam. 

Increase in weekly NFT buyers

Apart from a surge in weekly volumes, the number of NFT buyers last week has also increased. CryptoSlam data shows over 500,000 NFT buyers in the last seven days, representing a 37.97% boost compared to the week before. 

The top 10 blockchains for NFTs all showed an increase in NFT buyers last week, with Solana leading the list with 220,304 NFT buyers. Polygon came second with 89,498, while the Ethereum network had 44,188 buyers. 

Related: $24M CryptoPunk sale shows either ‘NFTs are over’ or ‘this is the bottom’

Not enough to offset monthly volume drops

While NFTs show signs of life, the small increase in weekly volumes cannot offset a broader downward trend in the NFT space’s monthly sales volumes. 

The digital collectibles market showed a 45% decline in the second quarter of 2024. NFTs recorded a sales volume of $2.24 billion, marking its lowest performance since the third quarter of 2023. The downward momentum came amid a negative outlook for Bitcoin, a key leader in NFTs. 

In July, NFTs had their lowest monthly sales volume since November 2023. However, despite the volume drop, blockchain-based digital collectibles saw a 73% increase in transactions. 

In the last 30 days, CryptoSlam shows that NFTs have had a 40.91% decrease in sales volumes. 
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