The non-fungible token (NFT) market saw a revival in October, as sales volume rose 18% compared to the previous month. This marks the first increase in NFT trading activity since a steady decline began in March, when monthly trading volumes peaked at $1.6 billion.

October’s NFT Surge: $356 Million in Sales

According to data from CryptoSlam, October’s NFT sales volume reached $356 million, up from September’s low of around $300 million. This marked a notable recovery in the digital collectibles market, which had been shrinking for several months, particularly with a 20% drop in September alone.

Alongside the sales increase, NFT transaction counts rose as well. October recorded 7.2 million NFT transactions, a significant 42% jump from the five million seen in September. The beginning of October also saw a surge, with over $84 million in trades between September 30 and October 6, marking the strongest weekly performance since August.

Top-Selling NFT Collections in October

Several NFT collections performed exceptionally well in October. The Mythos Chain-based DMarket led with $33 million in sales over 30 days. Following closely was Guild of Guardians Heroes, built on Immutable, with a volume of $13 million. Other popular collections on Bitcoin and Ethereum, such as Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks, also saw increased trading activity.

Solana-based NFTs gained ground in October, with collections like DogeZuki, Froganas, and Retardio Cousins collectively generating nearly $25 million in sales. Solana’s NFT ecosystem achieved a total monthly volume of $67 million, representing 19% of the total NFT market. This boost pushed Solana’s cumulative sales volume close to $6 billion, solidifying its position as the second most active blockchain for NFT transactions after Ethereum.

CryptoPunks Continue to Draw Interest Despite Market Drop

Despite the overall market downturn since 2021, interest in iconic NFT collections like CryptoPunks remains strong. Recently, a rare CryptoPunk NFT, initially purchased for 8,000 ETH (approximately $23.2 million in 2022), was resold at an 80% discount for 1,500 ETH (around $3.9 million). The original owner, Deepak Thapliyal, parted with the token, which the new buyer, VOMBATUS, relisted for 5,000 ETH, potentially incurring a 45% loss if sold at this price.

While some areas of the NFT market are bouncing back, several companies have scaled back their involvement in NFTs. Starbucks discontinued its NFT rewards program in March, GameStop closed its NFT marketplace in January, and X (formerly Twitter), under Elon Musk, recently removed the feature that allowed premium users to set NFT images as profile pictures.

Renewed Interest in Digital Collectibles

The October rebound in NFT sales suggests a renewed interest in digital collectibles, especially on Solana, which has managed to capture a growing share of the market. However, while the recent increase is a positive sign, NFT trading volumes remain significantly lower than their peak levels of 2021, indicating a still-recovering market.