Amid the ongoing crypto market downturn, overall NFT sales volume remained largely flat in September. But while overall volume appears stagnant, individual NFT sales are keeping pace, high value NFTs on Ethereum are still selling, and Solana NFTs are gaining steam.
All in all, $947 million worth of NFT trading volume was recorded in September, according to data from DappRadar—and that figure specifically excludes suspected wash trades. That compares to $927 million in August and nearly $916 million in July. June was the last month to crack the billion-dollar mark at $1.03 billion.
The NFT market remains in significant decline from the frenzy of late 2021 and earlier this year. In January, for example, DappRadar recorded about $5.36 billion worth of organic NFT trading volume. In other words, the NFT market produced 82% less trading volume in September when measured in USD.
DappRadar Senior Blockchain Analyst Pedro Herrera pointed to a few potential reasons for the ongoing NFT market depression. On one hand, crypto prices have fallen significantly since the start of the year. Ethereum (ETH), for example, is down by 65% measured in U.S. dollars since the start of the year.
Amid crypto market turmoil and broader macroeconomic trends, he told Decrypt, investors also appear to be more risk-averse than before. So while snagging pricey NFT might have seemed inviting to some buyers earlier this year, there are fewer high-value sales in the mix lately.
But NFTs are still selling by the millions, despite the lower price point and declining ETH value. In fact, that number is rising lately, with some 8.78 million NFTs transacted in September—up from 7.68 million NFTs sold in August and 5.89 million sold in July. It’s the third-highest monthly total so far in 2022, with January still on top with 12.16 million NFTs sold.
Source : decrypt
