October ‘24 NFT Marketplace Recap

October 2024 saw NFT market activity pick up, with trading volumes increasing by 16.8% month-over-month (MoM). Considering how September 2024 saw the lowest trading volumes year-to-date (YTD), October’s minor rebound could be some form of regression. That said, we have yet to see a convincing reversal in NFT metrics to suggest that we are out of this prolonged bear market for NFTs.

Most NFT marketplaces saw an uptrend in their trading volumes this month, especially Blur, OpenSea and Magic Eden, which saw increases of $13 million, $9 million and $2 million, respectively. We see both Blur and OpenSea growing their market shares in October, with the former growing by 2.5% and the latter by 3.3%.