NFT sales plummet 47.9% in September
The NFTs (non-fungible tokens) market continues to decline sharply, with sales in September recording a drop of 47.9% compared to August, according to data from the Cryptoslam.io platform.
After a brief increase in the previous weeks, the scenario deteriorated throughout the month. There was a significant drop in the volume of transactions and revenue generated by digital collectibles.
In August, the market had already suffered a drop of 41.36% compared to July, and expectations for September were for recovery. But that didn't happen. In total, the month of September generated US$317.77 million in NFT sales, one of the lowest marks of the year.
All five major blockchains in the NFT market have reported considerable losses in their monthly sales, signaling a slowdown affecting the entire digital collectibles industry.
NFTs on the decline
The Ethereum blockchain, responsible for much of NFT trading, led the losses in September, with US$108.43 million in sales. This represented a drop of 46.57% compared to the previous month.
Bitcoin, which has been gaining ground in the digital collectibles market, occupied second place with US$63.98 million in sales. This is a reduction of 32.06% in the same period.
Solana, which closed the month with US$61.26 million in sales, also saw a significant drop of 41.75%. This drop was not isolated, as other blockchains such as Arbitrum and Polygon also reported important retractions in their activities related to NFTs.
Even traditional collections, such as Cryptopunks, which led sales in September with US$16.51 million, did not escape the downturn, recording a drop of 10.91% compared to August.
The game Guild of Guardians (GoG), based on Immutable X, came in second with US$14.1 million, a decrease of 2.68%. Solana's Dogezuki collection completed the podium, generating just over US$10 million, although it suffered a drop of 10.59%.
The most valuable NFTs sold in September also registered lower-than-expected values. Cryptopunk #6915, the most expensive sale of the month, was sold for US$1.46 million.
Other transactions, such as Arbitrum's GETH Locked Deposit, sold for $419,355, and Polygon's Mining Pass #1574, for $205,742, reflect the market's diminishing appetite for high-value digital assets.