After a period of stagnation, NFT sales are on the rise again. We delve into what's behind this momentum and whether it signals a lasting revival for the market.

NFTs are making a comeback

After a dull performance, NFTs are showing signs of revival. According to CryptoSlam, sales between Sep. 30 and Oct. 6 surged past $84.9 million — the highest since the week ending Aug. 25, when they exceeded $93 million. There's also been an increase in activity, with over 2 million transactions recorded as of Oct. 7, marking a 29.73% jump from the previous period.

Leading blockchains in the race

Ethereum remains the dominant blockchain for NFTs despite a high proportion of wash trading. Mythos has emerged as a surprising contender due to its gaming-centric ecosystem. Bitcoin, via Ordinals, is also expanding into NFTs, with significant organic growth. Solana and Polygon continue to be formidable players, owing to low transaction fees and rising sales volumes.

Reasons behind the renewed surge

Recent developments, such as a high-profile but dubious CryptoPunk sale and Telegram's introduction of NFT features, have reignited interest in NFTs. The CryptoPunk sale, involving a flash loan, created the illusion of a massive transaction, while Telegram's 'Gifts' feature expands the space by integrating NFTs into social interactions. These events have drawn attention back to the NFT market, although the durability of this resurgence remains uncertain.

The future of the NFT market is uncertain, especially in light of recent regulatory actions against OpenSea by the SEC. It remains to be seen whether the current upswing will evolve into a long-term trend or remain a fleeting surge in interest.