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NFT sales volumes have recently experienced a notable rebound across several major blockchains, with Polygon emerging as the leader with a 123.20% increase in weekly sales. According to data from NFT tracker CryptoSlam, sales volumes for digital collectibles on leading blockchains have improved after a period of declines throughout 2024.
As of August 26, the top five blockchains for {NFT} Ethereum, Solana, Polygon, and Mythos Chain have all reported increased sales volumes. Polygon's significant growth stands out, with a 123.20% rise in sales over the past week. Ethereum followed with a 32.79% increase, and Solana reported a 12.13% uptick in weekly sales. In contrast, Bitcoin experienced a slight decline, with a 7.01% decrease in sales volume compared to the previous week.
In addition to the surge in weekly sales volumes, there has also been an increase in the number of NFT buyers. CryptoSlam's data indicates that over 500,000 NFT buyers were recorded in the past week, reflecting a 37.97% rise from the week prior. Among the top blockchains, Solana led with 220,304 buyers, Polygon followed with 89,498, and Ethereum had 44,188 buyers.
Despite these positive trends in weekly sales and buyer activity, the broader NFT market is still facing challenges. The digital collectibles sector saw a 45% decline in sales volume during the second quarter of 2024, with a total of $2.24 billion in sales, marking its lowest performance since the third quarter of 2023. This decline has been accompanied by a generally negative outlook for Bitcoin, which influences the NFT market significantly.
Moreover, in July, NFTs recorded their lowest monthly sales volume since November 2023. Although transaction volumes increased by 73% during this period, sales volumes have decreased by 40.91% over the last 30 days, highlighting ongoing volatility in the NFT market.
