The NFT market saw a noteworthy comeback in October, with trade volume up 32% from the previous month and an astounding $99 million added to the industry’s value, according to a recent DappRadar analysis.

Not only did this positive change indicate a pause in the annual fall in NFT trading, but it also came while Bitcoin saw a spectacular rise, breaking above $35,000, its highest level in more than 16 months. Growing rumors that a Bitcoin spot ETF would be introduced propelled the price of Bitcoin and brought new hope to the market.

Ethereum Dominates as NFTs Gain Ground

NFT Market Saw a Huge Comeback in October, With Trade Volume Up 32%

Not surprisingly, Ethereum remained the most popular blockchain for NFT trading in October, with trade volume rising by five times. These figures showed a good trend. However, it’s important to remember that there was a slight 5% decrease in the overall number of NFTs sold in the same month compared to September.

Even with this renewed vigor, it’s crucial to recognize that NFT sales in October were still below the peak reached in March. March sales were evident because it was a time when the NFT sector experienced a severe bear market.

Over the last week of October, which ended on November 5, 2023, sales of non-fungible tokens (NFTs) increased by 18.30%. These sales have also totaled an impressive $106.32 million. The NFT statistics for this week show a positive uptick in activity. These statistics show a rise of 17.77% and 15.82% in buyers and sellers.

Resurgent Performance of the NFT Market

NFT Market Saw a Huge Comeback in October, With Trade Volume Up 32%

NFT sales experienced a robust resurgence in the last week following a drab October characterized by a declining trend. NFT sales came in at $89.87 million the week before, but this week, they jumped by an astounding 18.30% to reach $106.32 million. The most significant contribution to this week’s figures, $60.91 million, came from Ethereum-based NFT sales. This sale demonstrated an 8.55% growth.

Following Ethereum’s dominance closely was Bitcoin, which had a strong performance over the week, generating $13.17 million in NFT sales. NFTs based on Bitcoin saw an incredible 154.75% increase from the week prior, reaching a record high not seen in a long time. Notable contributions were also made by Solana and Mythos, whose NFT transactions came to $8.53 million for Solana and $7.46 million for Mythos.

Immutable X, with $5.69 million in NFT sales, was ranked fifth among blockchains for the week. The Bored Ape Yacht Club (BAYC) topped the list of the week’s best-selling NFT collections with sales of $10.79 million. The Captainz ($8.54 million) closely followed them.

Dmarket sold $7.39 million worth of goods, but Bitcoin’s BRC20 NFTs sharply rose to $7.3 million in sales. Additionally, Gods Unchained saw a stunning 53% increase in revenues, reaching $5.42 million. Notably, Bitcoin’s BRC20 NFTs saw a phenomenal 224.89% jump. BAYC #6022 was the most expensive NFT transaction of the week, selling for a cool $303,000.

Next in line was a BRC20 NFT that sold for $56,000. Emurgo, an asset based on Cardano, sold for $32,000, while “Tigris Position #10505,” an Arbitrum NFT, changed hands for $39,000. “Mad Lads #5364” by Solana brought in $31,000 and rounded out the top five.

Finally, even if an 18% increase in sales is noteworthy, maintaining this upward trend in the upcoming weeks will be crucial to counteracting the current market decline.