Polygon led the way with an impressive 123.20% increase, while other major blockchains performed similarly positively. Following a series of volume declines in 2024, a recovery in NFT sales volumes has been observed on some of the leading blockchains for digital collectibles. This development indicates that the NFT market has revived and investor interest has increased.

Digital collectibles built on the five largest blockchains for NFTs experienced a significant increase in sales volumes, according to data published by NFT tracker CryptoSlam on August 26. Major blockchains such as Ethereum, Solana, Polygon, and Mythos Chain showed an increase in weekly sales volumes.

In particular, Polygon attracted attention with an increase of 123.20%, while Ethereum experienced a weekly sales increase of 32.79% and Solana experienced a weekly sales increase of 12.13%. These increases show the positive movement in the NFT market and the renewed interest of investors in this area.

In contrast, the Bitcoin blockchain was in a slight downtrend, unlike other major blockchains. According to CryptoSlam data, sales volume on the Bitcoin blockchain decreased by 7.01% compared to the previous week.

This suggests that Bitcoin’s overall impact on the NFT market may be limited, with other blockchains showing stronger performance. This decline of Bitcoin is considered an important indicator for the general dynamics in the NFT market.

Alongside this increase in weekly volumes, a significant increase in the number of NFT buyers has also been observed. According to CryptoSlam data, more than 500,000 NFT buyers have been identified in the last seven days. This means an increase of 37.97% compared to the previous week.

In terms of the number of NFT buyers among the top 10 blockchains, Solana topped the list with 220,304 buyers. Polygon ranked second with 89,498 buyers, while the Ethereum network had 44,188 buyers. This data shows increasing interest and trading activity in the NFT market.

However, despite this improvement in the NFT market, the small increase in weekly volumes cannot offset a broad decline in monthly sales volumes in the NFT market. There was a 45% decline in the digital collectibles market in the second quarter of 2024.

NFTs recorded $2.24 billion in sales volume in the third quarter, their lowest performance since 2023. This occurred alongside the negative outlook for Bitcoin and signaled a general decline in the NFT market.

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

Over the last 30 days, CryptoSlam data shows that NFTs have experienced a 40.91% decline in sales volumes. These data indicate that despite the general decline in the NFT market, there are signs of recovery in some blockchains and investors’ interest in this area has increased again.