- Trading volume worth $950 million was raised by the NFT market in September.
- In September, high-profile projects increased sales of Solana NFT by almost double.
- Ethereum has declined by 65% in U.S. dollars since the beginning of this year.
The NFT sales volume was quite flat last month. Though the overall volume looks still, individual non-fungible tokens are maintaining the progress rate. Moreover, high value NFTs based on Ethereum are continuously selling and Solana NFTs are thriving too.
Based on DappRadar’s data, NFT trading volume worth $947 million was noted in September. The figure for August was $927 million; whereas, for July, it was $916 million. However, the billion-dollar was touched in June with $1.03 billion.
From the late 2021 and beginning of 2022, the NFT market is considerably falling. For instance, January recorded NFT trading volume worth $5.36 billion. When estimated in USD, the NFT market generated 82% less trading volume last month.
Pedro Herrera, DappRadar Senior Blockchain Analyst, highlighted certain possible reasons behind the depressing state of the NFT market.
During the disturbance in the crypto market as well as wider macroeconomic trends, investors have turned quite careful & alert.
In September, over 8.78 million NFTs were transacted, which is more than August when the number was 7.68 million. In July, 5.89 million NFTs were transacted. However, January remains at the top with 12.16 million NFTs.
In the past few weeks, sales of Solana have increased owing to the success of projects such as ABC and y00ts. Last month, Solana NFT sales were recorded at $133 million, which is double than August when it was $68.5 million.
Moving on, DappRadar’s data also shows that OpenSea‘s grip on the NFT market is not the same as before.
As far as the last week is concerned, there were certain high-profile, high-value drops & sales in the NFT market, which shows that despite the not-so-great numbers, there’s life in the market.
Today NFT News previously reported when Tyler Hobbs’ QQL NFT project raised nearly $17 million in successful mint. Also, CryptoPunks NFT was sold for a whopping $4.5 million.
According to Herrera, he doesn’t think monthly totals of $5 billion or $6 billion will be seen against. He expects the market to expand and get back to the $2 billion monthly range.
Additionally, he shared that all the market activity from games will be huge. He believes that in one year, the situation of the NFT market will be entirely different due to the craze and supremacy of game NFT assets.