Non-fungible tokens (NFTs) are seeing a resurgence, with weekly sales volumes reaching their highest levels since August. According to data from CryptoSlam, a platform that tracks the NFT market, sales from September 30 to October 6 exceeded $84.9 million, signaling a notable recovery after weeks of slower performance.

This recent uptick marks the strongest weekly sales since the period ending August 25, when the volume reached over $93 million. For comparison, the all-time high for weekly NFT sales occurred between August 23 and August 29, 2021, with volumes surpassing $2.2 billion, as reported by CryptoSlam.

Surge in NFT Sales on Mythos Chain

While the market recovery is encouraging, growth has not been uniform across all blockchains. Among the top five blockchains for NFTs, Bitcoin, Ethereum, and Solana experienced declines in trading volumes compared to the previous week.

The Mythos Chain, however, emerged as a significant gainer, recording over $15 million in sales, representing a 6,000% increase over the past week. This surge made it the second most active blockchain, following Ethereum. Polygon also showed positive growth, with a 210% rise in weekly sales volume.

Leading the individual collections, Dmarket topped the charts by generating more than $14 million in sales through 537,714 transactions over the week.

Alongside the increase in sales, the number of NFT buyers also grew. Data from CryptoSlam indicates that over 839,000 buyers participated in the market during the past week, reflecting a 22% increase from the previous period. Additionally, the total number of transactions surpassed two million, showing a 71% increase.

Market Challenges and Evolving Trends

Despite these gains, the broader NFT market continues to face challenges in regaining the momentum it had in previous years. In September, total NFT sales amounted to $303 million, a decrease from $373 million in August. The peak month for 2024 remains March, with $1.6 billion in sales.

A report by NFT Evening from August highlighted ongoing industry challenges, noting that around 96% of the 5,000 collections analyzed were inactive by 2024, with many having ceased activity the year before. The average lifespan of an NFT collection is just over a year, reflecting the market’s rapid evolution and volatility.

CryptoPunks NFT Sold at Significant Discount

While the NFT market shows signs of recovery, it remains below its 2021 highs. Recently, a CryptoPunk NFT that was purchased for $23.2 million in 2022 was resold at a significant discount. The NFT changed hands for 1,500 ETH, approximately $3.9 million, representing an 80% decrease in value.

The original owner, Deepak Thapliyal, shared the news on X (formerly Twitter), while the new buyer, VOMBATUS, confirmed the purchase, comparing the reduced price to acquiring a “free” token.

Companies Scaling Back on NFT Initiatives

In recent months, there has been a trend of companies stepping back from their involvement in the NFT space. In March, Starbucks announced the termination of its NFT rewards program. Earlier, in January, GameStop decided to close its NFT marketplace after scaling back its crypto services over the past two years. More recently, X, under Elon Musk’s ownership, discontinued a feature that allowed premium users to display NFT images as their profile pictures.