NFT Market Contracts Over 21% in October, Ethereum’s Dominance Wanes

    In October, the NFT market witnessed a 21.64% dip in sales, with Ethereum leading but losing ground. Find out the key highlights and market trends.

    October saw a significant contraction in the non-fungible token (NFT) market, with sales dropping by 21.64%. Despite this decline, Ethereum retained its position as the leader, contributing $171 million, which accounts for 54.63% of the total $313 million in NFT sales. However, Ethereum’s NFT sales volume decreased by 17.26% compared to the previous month.

    Mythos Chain emerged as the second most dominant blockchain, with a 10.76% increase in sales, totaling $36.90 million. Solana (SOL) made up 9.23% of the total with $28.91 million in sales. Following were Polygon with $20.26 million, Bitcoin with $17.75 million, and Immutable X with $15.12 million in NFT sales for October.

    In terms of NFT collections, Mythos’ Dmarket led with $36.65 million in sales, followed by Ethereum’s Bored Ape Yacht Club (BAYC) at $23.44 million. Immutable X’s Gods Unchained came in third with $14.26 million. Notably, the Winds of Yawana NFT collection saw a remarkable 249.55% increase in sales.

    The most substantial transaction featured the sale of a Mutant Ape Yacht Club “Mega Zombie” for $809K. Ethereum’s NFT, Cross The Ages #223963, fetched $151K.

    Tags: NFT market, Ethereum, Mythos Chain, Solana, Polygon, Bitcoin, Immutable X, NFT collections, crypto trends

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