In a surprising turn of events, non-fungible tokens (NFTs) have marked their first-ever ‘Uptober,’ signifying a substantial upswing in their fortunes.
The anticipation had been building for weeks, and now the figures affirm it; October has emerged as a pivotal month for NFTs. Sales have experienced a revival this week, defying previous trends, which included seven months of diminishing monthly NFT sales—a trend finally halted by October’s impressive sales totaling over US$300 million.
A convergence of factors created the ideal environment for NFTs to flourish this month. As a result, global NFT sales reached a nine-week high, despite an overall reduction in total transactions, marking the lowest levels seen in nearly a year. Sellers capitalized on these favorable conditions to offload their valuable NFT assets, although they did not emerge as clear winners, as trade profits remained largely in the negative, amounting to a substantial US$7.8 million loss.
Nevertheless, notable NFT sales, such as Bored Ape Yacht Club #6022, which commanded a price of US$303,000, played a significant role in boosting the average NFT sale price to a four-month high of US$60.38.
Social finance (SoFi) platforms continue to be influential in NFTs’ success, despite their ongoing challenges in attracting traders. Notably, Friend.tech struggled to reach a trading volume of US$1 million on multiple occasions during the past week, while Stars Arena faced allegations of fund mismanagement, contributing to a decline in total value locked (TVL) for the top five SoFi platforms this week. Stars Arena witnessed the steepest drop, plummeting by 86.11%.
The persistent weakness in SoFi led to an increase in wash trading, with wash sales surging by over 42% compared to the previous week, reaching a 15-week high of US$58 million.
This week, the favorable trend is set to continue, presenting a golden opportunity for NFT enthusiasts. The Forgotten Runes project is hosting a massive metaverse Halloween party called “Nightmare Run,” powered by MSquared, the technology behind Yuga Lab’s Otherside. This metaverse can accommodate tens of thousands of gamers simultaneously, and a considerable turnout is anticipated.
In addition, the Bored Ape community is gearing up for Ape Fest 2023, scheduled for November 4 in Hong Kong. For those unable to attend, The DAM SHOW will be live-streaming interviews and alpha events, offering a sneak peek into the world of NFT parties.
October is being celebrated as a treat for those who have persevered through the NFT market’s long winter. Whether it turns out to be a trick remains to be seen, but for now, it’s undeniably a sweet victory.
Notably, the Bored Ape Yacht Club has been riding the wave of enthusiasm into Ape Fest in Hong Kong this week. The collection’s floor prices have surged beyond 30 ETH, with average sales reaching a peak of US$79,000 on October 28.
The Captainz $MEME token sale has generated a fervor in the PFP (Profile Picture NFT) space not seen in quite some time, with the collection’s sales rising by over 164% in the past week.
AOIEngine minted ArtBlocks’ founder Snowfro’s latest NFT last week as part of Red Bull’s Velocity Racing Series NFTs. The collection initially minted at 0.3 ETH and currently boasts a floor price of 0.8 ETH.
CryptoPunks have seen 12 NFT sales priced at over US$100,000 this week, representing 48 of the top 100 NFT collectible sales for the week.
Ethereum NFTs are undoubtedly enjoying a significant month, but it’s worth noting that a substantial portion of the total sales are classified as wash sales, with over US$61 million in such transactions, constituting more than 51% of Ethereum’s sales.
Solana has had a particularly fortunate month, with a total of US$7.77 million in sales, which is more than just luck. Key developments from Mad Labs, the Phantom Wallet’s Camera Mint feature, and Claynosaurz’s new plushies and animations illustrate that Solana is prepared for prime time.
For the second consecutive week, Bitcoin has secured a position in the top 5, fueled by substantial BRC-20 sales, notably the US$2.5 million generated from the $SATS BRC-20 collection, and renewed interest in Ordinals.
