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- ETH Price at the time of writing – $1,349.29
- Due to notable projects, Solana NFT sales nearly doubled in September
- A single CryptoPunks NFT sold for $4.5 million
In spite of the ongoing decline in the cryptocurrency market, NFT sales volume largely remained flat in September.
However, despite the fact that overall volume appears to be stagnant, individual NFT sales are proceeding at the same rate, high-value NFTs on Ethereum are continuing to sell, and Solana NFTs are gaining momentum.
According to data from DappRadar, the total volume of NFT trading in September was $947 million, with suspected wash trades specifically excluded.
NFT market remains in significant decline from late 2021
This is in contrast to nearly $916 million in July and $927 million in August.With $1.03 billion, June was the final month to surpass the billion dollar mark. Despite the frenzy of late 2021 and early this year, the NFT market continues to experience significant decline. DappRadar, for instance, recorded organic NFT trading volume worth approximately $5.36 billion in January.
To put it another way, when measured in USD, the NFT market had 82% less trading volume in September. Pedro Herrera, a senior blockchain analyst at DappRadar, suggested a few possible causes for the ongoing decline in the NFT market.
He told Decrypt that investors appear to be more risk-averse than they have been in the past, despite the turmoil in the crypto market and broader macroeconomic trends.
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DappRadar recorded $133 million worth of Solana NFT sales
Even though snagging expensive NFT earlier this year may have seemed appealing to some buyers, there have been fewer high-value sales recently.
Nevertheless, despite the lower price point and declining ETH value, NFTs continue to sell by the millions.In fact, that number has been rising recently, reaching 8.78 million in September, up from 7.68 million in August and 5.89 million in July.It is the third-highest monthly total in 2022, trailing only January’s 12.16 million NFT sales.
Additionally, there are some intriguing trends present in the mix:Sales of Solana NFT have increased recently as a result of projects like y00ts and ABC’s success.Last month, DappRadar recorded sales of Solana NFT worth almost $133 million, nearly double the $68.5 million mark from August.
DappRadar’s data also suggest that OpenSea’s once strong hold on the NFT market is losing ground.OpenSea still has more trading volume in September than its competitors, with $350 million in organic volume, but X2Y2 is close with $297 million.In September, Magic Eden, the most popular Solana marketplace, saw $127 million in sales.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
