NFT Monthly Volume Jumps to $356 Million as Non-Fungible Tokens Break 7-Month Downtrend

Last month, NFTs (non-fungible tokens) broke their 7-month downtrend after recording an 18% surge in trading volume.

After seven months of continuous decline, non-fungible tokens (NFTs) finally saw a surge in trading volume last month, breaking the downtrend.

NFT sales dropped by at least 5% from April to September. But monthly sales saw a brief recovery in October, rising to $356 million, up by 18% from the $303 million recorded in the previous month.

Moreover, the total number of NFT transactions also increased last month. According to CryptoSlam, NFT traders conducted 7.2 million transactions. In comparison, about 5 million NFT transactions were processed in September, indicating a 42% surge.

October also saw a jump in NFT weekly volumes. Per data on CryptoSlam, weekly NFT sales were above $81 million last month for the first time since July.

Which NFT projects posted the highest sales in October? Here's a quick look at the top five NFT projects by monthly sales volume in October:

DMarket, an NFT collection minted on the Mythos blockchain, had the highest trading volume ($33.67 million) last month.

Guild of Guardians Heroes, an NFT project on Immutable, came in second with $13 million worth of sales.

Bitcoin-based collection Bitcoin Puppet posted the third-highest trading volume ($10.58 million).

Bored Ape Yacht Club came in fourth with trading volumes of $10.4 million.

CryptoPunks came in fifth with trading volumes of $9.95 million.

Solana-based NFT collections were not among the top five by monthly volume in October, but they performed relatively well. Projects like Retardio Cousins, DogeZuki, and Froganas each recorded monthly sales worth at least $7 million.

According to CryptoSlam's data, Solana NFTs saw $67 million in trading volume last month. That figure represents a 19% jump from September when $54.27 million worth of sales were recorded. Notably, the total trading volume for Solana NFTs has peaked at $5.93 billion, making Solana the second-biggest NFT market, only behind Ethereum, which has an all-time trading volume of $44.4 billion.