Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Wells Fargo increases the price target for a company of billion dollars, the shares of the company’s prognoses will increase by 52%: report

2025-05-10

Artificial Superintelligence Alliance breaks its downward trend: Can Fet be passing by $ 1?

2025-05-10

Taiwan presents Bitcoin as part of the National Reserve Strategy

2025-05-10
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Mint Blockchain integrates Chainlink CCIP to feed cross-chain connectivity

    2025-05-10

    ‘Nasdaq on Solana’ vision sees progress with opening bell launch

    2025-05-10

    Nexus launches an AI lab for safe and verifiable artificial inteligence

    2025-05-10

    Renta Network works together with thoughts to introduce AI-driven discovery into the Real-World Assets

    2025-05-10

    Decentralized AI Society to run Hypercycle Masternode

    2025-05-09
  • NFT

    Drink-to-earn? A new sparkling water comes with an NFT and points

    2025-05-08

    Cobie says we will return if someone buys this $ 20 million NFT

    2025-05-08

    Edge Matrix, Colabs Partner to strengthen NFT -Makers

    2025-05-08

    Argentinian football club Partners with StepN to launch digital sneakers

    2025-05-05

    Pudgy Penguins #6873 Leads with Top NFT -sale worth $ 360.2k

    2025-05-04
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Wells Fargo increases the price target for a company of billion dollars, the shares of the company’s prognoses will increase by 52%: report

    2025-05-10

    Ethereum – Price explodes beyond $ 2,200 with a 25% increase – Momentum builds up quickly

    2025-05-10

    Arthur Hayes says that the crypto-bullmarkt is ready to continue, Bitcoin Path sketches to seven-digit price

    2025-05-10

    Chainlink keeps strong at $ 15.29 support – is a new breakout on your hands?

    2025-05-10

    NFT-Ecosystemtoken built on Solana (SOL) Hapert after obtaining surprise support from Binance Futures

    2025-05-09
  • Learn

    What Is Proof-of-Authority (PoA)?

    2025-05-10

    What Is Proof-of-Stake (PoS)? A Beginner’s Guide

    2025-05-09

    What Is a Layer-1 (L1) Blockchain?

    2025-05-03

    What is a Layer-2 (L2) Blockchain Network Solution?

    2025-05-02

    What Is a Layer-0 Protocol?

    2025-05-02
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»NFT»Are NFTs making a comeback or just riding the hype? This is what the numbers say
NFT

Are NFTs making a comeback or just riding the hype? This is what the numbers say

2024-10-10No Comments8 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

After a dull period, NFT sales have taken a positive turn. What’s behind this momentum, and is it a sign of a sustainable rebound?

Table of contents

  • NFTs are finally making a comeback
  • Which blockchains are leading the race?
  • Why are NFTs rising again?
  • What can you expect next?

NFTs are finally making a comeback

Non-fungible tokens are starting to show signs of life again after a rather lackluster performance in recent weeks.

According to data from CryptoSlam, sales rose above $84.9 million between September 30 and October 6, marking the highest sales volume since the week ending August 25, which recorded more than $93 million.

What’s even more interesting is that the NFT market gained momentum in September. During the week of September 16-22, NFT sales were $69 million, and the following week, September 23-29, there was a modest increase to $75 million.

The current week, October 7, has already clocked more than $5.5 million in sales, suggesting the market could continue this upward trend.

In addition to the increase in sales volume, there has been an increase in activity, with more than 2 million transactions recorded in the last seven days as of October 7, an increase of 29.73% compared to the previous period.

However, it’s not all sunshine. The average sale price of NFTs has fallen 32.91% and is now around $43 per sale. This indicates that while more people are dabbling in NFTs, expensive collectibles may still be left behind.

With the numbers showing positive momentum, what is driving this rebound? Let’s take a deeper dive into which blockchains are leading the NFT race, why NFTs are making a comeback, and what we can expect in the coming days.

Which blockchains are leading the race?

As of October 9, Ethereum (ETH) still holds the crown as the dominant blockchain in the NFT space, but the landscape is changing and other platforms are quietly gaining ground.

Ethereum (ETH)

Ethereum continues to be the leader in NFT sales, raising over $26.5 million in the past week. Ethereum’s turnover represented almost 31% of the entire NFT market, but it is also plagued by a relatively high percentage of wash trading – around 11.69%.

Wash trading involves artificially inflating volume by buying and selling within the same pocket to create the illusion of higher demand.

See also  Mad Lads Solana NFTs Gains After Parent Firm Backpack Acquires FTX Europe

Despite this, Ethereum’s massive user base and dominance in the NFT ecosystem cannot be ignored as it recorded over 136,000 buyers during this period.

However, the number of transactions (more than 654,000) indicates a growing dependence on smaller transactions, with the average sales price taking a sharp dive.

Mythos (MYTH)

Mythos (MYTH), a relatively newer player, is perhaps the most surprising competitor. Sales skyrocketed more than 6,200% last week alone, reaching $15.3 million, earning it the second spot.

This explosion is driven by its gaming-centric focus, tapping into a relatively untapped and highly passionate user base. In-game assets like NFTs are a concept that gamers are increasingly embracing, and Mythos is positioning itself as a leader in this niche.

What’s even more interesting is that this increase is not strongly linked to wash trading, as only 0.28% of trades are wash trades, showing that the platform is experiencing true user-driven growth.

Mythos has attracted more than 632,000 transactions this week alone, which is almost five times that of Ethereum, indicating that it could be a blockchain to keep a close eye on as it builds on this rapid adoption.

However, gaming NFTs are highly dependent on the success of the underlying games. So if these games fail to attract or retain users, the NFT market on Mythos could see a sharp decline.

Bitcoin (BTC)

Bitcoin (BTC) joining the NFT race was not something many expected a few years ago. Traditionally viewed as a store of value, Bitcoin’s blockchain was not designed with NFTs in mind.

However, the introduction of Ordinals has reinvigorated Bitcoin’s potential in this area. While the weekly sales volume of $14.1 million may seem modest compared to Ethereum, the fact that Bitcoin’s NFT market is growing organically, with only 5.15% wash trading, is worth noting.

Interestingly, despite having fewer transactions and users compared to Ethereum, Bitcoin has a higher average selling price, suggesting that the NFT market may be more focused on high-value, premium assets.

Solana (SOL)

Solana (SOL) remains a serious competitor, with sales of over $10.8 million this week, putting it in fourth place.

However, Solana’s wash rate is one of the highest among the top blockchains at a whopping 22.7%, indicating that while Solana is seeing growth, much of its activity may be artificially inflated.

Still, with nearly 223,000 unique weekly buyers and more than 421,000 weekly transactions, it’s clear that Solana remains a major player, especially among collectors who prefer faster and cheaper transaction fees than Ethereum offers.

See also  October sees lower NFT sales volume, with few collections standing out

Polygon (POL)

Polygon (POL), known for its efficiency and low transaction costs, posted revenues of more than $10.7 million last week, with wash trades making up just 0.25% of its transactions – far less than Ethereum or Solana.

Polygon also recorded an impressive 84,532 sellers, indicating that the blockchain is attracting a healthy level of market activity.

You might also like: From MATIC to POL: what does this crypto migration mean for you? Experts weigh in

Why are NFTs rising again?

The recent surge in NFT sales can be traced to a few key developments, the most notable being a high-profile, yet questionable CryptoPunk sale and Telegram’s introduction of innovative NFT features.

A flash loan-driven transaction involving CryptoPunk #1563 recently made headlines when it appeared to sell for an eye-watering $56.3 million on the Ethereum blockchain.

Bought Punk 1563 for 24,000 ETH ($56,292,000.00 USD) by 0x9cbb3d from 0xba1349. https://t.co/FqDvGZvg05 #cryptopunks #ethereum pic.twitter.com/hWimHKYb0x

— CryptoPunks Bot (@cryptopunksbot) October 3, 2024

At first glance, this seemed like a monumental sale in a space struggling with lower sales volumes and falling prices.

But a closer look revealed that the sale was anything but legitimate. The CryptoPunk buyer used a flash loan – an unsecured loan that is repaid in the same transaction – creating the illusion of a huge purchase.

3/ The progress:

Contract A contains Punk #1563, Contract B contains nothing.

Contract A mentions 24,000 ETH.

Contract B borrows 24,000 ETH from Balancer.

Contract B buys #1563. Contract B now has #1563, contract A has 24,000 ETH.

Contract A returns ETH to Balancer. pic.twitter.com/Clw1JGWASn

— Stop (@0xQuit) October 3, 2024

In reality, the Punk, which was purchased for just $69,000 in September, was simply transferred between wallets with no real money changing hands. Still, the sale turned heads and sparked conversations, renewing interest in the NFT space.

These carefully orchestrated events often capture the attention of investors, especially those who had withdrawn from the market amid the broader decline in NFT activity.

The psychological impact of this ‘selling’ can reignite the fear of missing out, drawing speculators back into the market on the expectation that increased attention could lead to real opportunities.

At the same time, Telegram’s move into the NFT arena has introduced a more accessible way for users to interact with digital collectibles.

See also  Nouns DAO is splitting again

On October 5, Telegram launched its new “Gifts” feature: animated images that can be sent to contacts on the platform. But what’s most exciting is that these gifts will be converted into NFTs later this year, with Telegram allowing users to list these limited-edition assets on the TON blockchain.

This feature builds on Telegram’s previous introduction of the in-app currency Stars, which users can spend on digital services within the platform. By linking NFTs to social interactions, Telegram makes NFTs more accessible to regular users.

Telegram’s integration of NFTs is a significant development due to its massive user base and the seamless experience it offers. Users will soon be able to convert these digital gifts into NFTs, trade them, and even auction them, all while remaining within the Telegram ecosystem.

While the broader market saw the lowest sales volume since January 2021 in September, these recent events have reinvigorated the sector. Whether this resurgence will last remains to be seen, but for now, NFTs are back in the spotlight.

What can you expect next?

Looking ahead, the NFT space is facing some uncertainties, especially with Wells’ recent notice by the U.S. Securities and Exchange Commission to OpenSea, the largest NFT marketplace.

On August 28, the SEC announced its intention to take enforcement action against OpenSea, alleging that some NFTs on the platform may qualify as securities. This could have major consequences for the entire NFT ecosystem.

A notice from Wells is a formal warning that the SEC could take legal action, and while OpenSea has the ability to respond, the looming threat creates an atmosphere of uncertainty.

If the SEC classifies certain NFTs as securities, it could trigger a wave of scrutiny not just for OpenSea, but for other platforms and NFT projects as well.

The potential for stricter regulation could make some investors hesitant and slow market growth, especially for projects where there is no clear legal framework.

At the same time, the current surge in NFT sales appears to be largely fueled by hype. It remains to be seen whether this buzz will translate into long-term growth or if it is just a short-lived trend.



Source link

comeback hype Making NFTs Numbers riding
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Drink-to-earn? A new sparkling water comes with an NFT and points

2025-05-08

Cobie says we will return if someone buys this $ 20 million NFT

2025-05-08

Edge Matrix, Colabs Partner to strengthen NFT -Makers

2025-05-08

Hype currency rises 105% in a month, will the ATH $ 35 drive?

2025-05-07
Add A Comment

Comments are closed.

Top Posts

Shiba Inu Burn rises 3.273% in 24 hours: the effect on Shib is …

2025-04-20

Know Some Trending NFTs on This Ledger Technology

2023-08-16

18 AI Art Generators That Will Up Your Creative Game

2023-05-17
Editors Picks

Bitcoin is overheated while NVT Golden Cross exceeds a critical level

2025-02-03

LooksRare Monthly NFT Trading Volume Flash Crashes 97% in October: What’s Next?

2023-10-26

Bitcoin: Is this metric enough to assess market sentiment?

2023-09-14

What Can You Buy With Bitcoin?

2025-02-14
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Wells Fargo increases the price target for a company of billion dollars, the shares of the company’s prognoses will increase by 52%: report

Artificial Superintelligence Alliance breaks its downward trend: Can Fet be passing by $ 1?

Taiwan presents Bitcoin as part of the National Reserve Strategy

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$103,357.730.56%
  • ethereumEthereum(ETH)$2,434.976.19%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.402.29%
  • binancecoinBNB(BNB)$652.012.87%
  • solanaSolana(SOL)$171.491.08%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.22679011.76%
  • cardanoCardano(ADA)$0.802.52%
  • tronTRON(TRX)$0.259168-1.23%
  • suiSui(SUI)$3.951.03%
  • chainlinkChainlink(LINK)$16.403.09%
  • avalanche-2Avalanche(AVAX)$24.406.10%
  • stellarStellar(XLM)$0.3029952.27%
  • shiba-inuShiba Inu(SHIB)$0.0000165.81%
  • hedera-hashgraphHedera(HBAR)$0.2079624.22%
  • hyperliquidHyperliquid(HYPE)$25.091.42%
  • the-open-networkToncoin(TON)$3.352.88%
  • bitcoin-cashBitcoin Cash(BCH)$419.112.90%
  • unus-sed-leoUNUS SED LEO(LEO)$8.61-0.91%
  • polkadotPolkadot(DOT)$5.027.07%
  • litecoinLitecoin(LTC)$101.843.37%
  • moneroMonero(XMR)$328.228.99%
  • bitget-tokenBitget Token(BGB)$4.838.35%
  • pepePepe(PEPE)$0.0000133.34%
  • daiDai(DAI)$1.00-0.02%
  • piPi(PI)$0.730.97%
  • ethena-usdeEthena USDe(USDE)$1.000.00%
  • uniswapUniswap(UNI)$6.717.63%
  • bittensorBittensor(TAO)$442.333.40%
  • nearNEAR Protocol(NEAR)$2.973.12%
  • aptosAptos(APT)$5.702.79%
  • aaveAave(AAVE)$221.166.86%
  • okbOKB(OKB)$54.462.14%
  • ondo-financeOndo(ONDO)$1.031.44%
  • ethereum-classicEthereum Classic(ETC)$19.542.88%
  • internet-computerInternet Computer(ICP)$5.462.37%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.191.88%
  • kaspaKaspa(KAS)$0.1050362.35%
  • gatechain-tokenGateToken(GT)$22.061.00%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2561261.67%
  • render-tokenRender(RENDER)$5.155.23%
  • crypto-com-chainCronos(CRO)$0.099342-1.36%
  • vechainVeChain(VET)$0.0304864.10%
  • mantleMantle(MNT)$0.770.47%
  • ethenaEthena(ENA)$0.3826403.92%
  • usd1World Liberty Financial USD(USD1)$1.00-0.08%
  • algorandAlgorand(ALGO)$0.2380592.45%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.852.09%
  • filecoinFilecoin(FIL)$3.041.25%
  • bitcoinBitcoin(BTC)$103,357.730.56%
  • ethereumEthereum(ETH)$2,434.976.19%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.402.29%
  • binancecoinBNB(BNB)$652.012.87%
  • solanaSolana(SOL)$171.491.08%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.22679011.76%
  • cardanoCardano(ADA)$0.802.52%
  • tronTRON(TRX)$0.259168-1.23%
  • suiSui(SUI)$3.951.03%
  • chainlinkChainlink(LINK)$16.403.09%
  • avalanche-2Avalanche(AVAX)$24.406.10%
  • stellarStellar(XLM)$0.3029952.27%
  • shiba-inuShiba Inu(SHIB)$0.0000165.81%
  • hedera-hashgraphHedera(HBAR)$0.2079624.22%
  • hyperliquidHyperliquid(HYPE)$25.091.42%
  • the-open-networkToncoin(TON)$3.352.88%
  • bitcoin-cashBitcoin Cash(BCH)$419.112.90%
  • unus-sed-leoUNUS SED LEO(LEO)$8.61-0.91%
  • polkadotPolkadot(DOT)$5.027.07%
  • litecoinLitecoin(LTC)$101.843.37%
  • moneroMonero(XMR)$328.228.99%
  • bitget-tokenBitget Token(BGB)$4.838.35%
  • pepePepe(PEPE)$0.0000133.34%
  • daiDai(DAI)$1.00-0.02%
  • piPi(PI)$0.730.97%
  • ethena-usdeEthena USDe(USDE)$1.000.00%
  • uniswapUniswap(UNI)$6.717.63%
  • bittensorBittensor(TAO)$442.333.40%
  • nearNEAR Protocol(NEAR)$2.973.12%
  • aptosAptos(APT)$5.702.79%
  • aaveAave(AAVE)$221.166.86%
  • okbOKB(OKB)$54.462.14%
  • ondo-financeOndo(ONDO)$1.031.44%
  • ethereum-classicEthereum Classic(ETC)$19.542.88%
  • internet-computerInternet Computer(ICP)$5.462.37%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.191.88%
  • kaspaKaspa(KAS)$0.1050362.35%
  • gatechain-tokenGateToken(GT)$22.061.00%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2561261.67%
  • render-tokenRender(RENDER)$5.155.23%
  • crypto-com-chainCronos(CRO)$0.099342-1.36%
  • vechainVeChain(VET)$0.0304864.10%
  • mantleMantle(MNT)$0.770.47%
  • ethenaEthena(ENA)$0.3826403.92%
  • usd1World Liberty Financial USD(USD1)$1.00-0.08%
  • algorandAlgorand(ALGO)$0.2380592.45%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.852.09%
  • filecoinFilecoin(FIL)$3.041.25%