NFT sales in Q3 2023 plummeted to their lowest since Q4 2020, with September marking the worst month on record.
Despite the overall decline, Ethereum and Immutable X see a rise in market share.
The third
quarter of 2023 has been challenging for the non-fungible tokens (NFTs) market,
with sales hitting their lowest point since the last quarter of 2020. September
alone recorded a dismal sales figure of around $300 million. This downturn is primarily
attributed to a significant drop in average sales prices and floor prices of
popular collections.
The Downward Spiral of NFT
Sales
The NFT
market has been on a downward trajectory, particularly in September, which saw
the worst sales figures since January 2021. The average sales price in September
plummeted to $38.17, a stark contrast to its peak of $791.84 in August 2021.
Collections like Azuki, BAYC, and MAYC have seen their floor prices decline by
more than 25% quarter-over-quarter.
The newest
Binance Research quarterly report shows while the NFT market is struggling,
Ethereum and Immutable X have managed to gain market share. Ethereum's share
increased 6% in Q3, partly due to lower gas fees and a decrease in ETH
prices. Immutable X, a Layer 2 solution built on top of Ethereum, also saw its
market share rise from 4% to 8%. The platform hosts popular blockchain games
like Gods Unchained, which led the sales count for the quarter.
Despite the
gloomy sales figures, the number of NFT transactions in Q3 increased 4.6%
compared to the previous quarter. Gaming NFTs like Gods Unchained, Axie
Infinity, NBA Top Shot, NFL All Day, and Mythical Beings dominated in terms of
transaction count.
Less Buyers, Lower Prices
The average
number of daily unique buyers dropped 14.1% to around 53,000, signaling a
decline in overall market interest. What is more, the NFT-500 price index, a
measure of NFT performance, also took a hit, declining 31% in Q3. Various
NFT collections across sectors experienced a fall in prices, contributing to
the index's poor performance.
While Blur
remains the largest marketplace by sales volume, it has lost ground to
competitors like Opensea, which led in terms of active wallets. New entrants
like Element have also risen in the ranks, thanks to their integration with multiple
networks like Base, Linea, opBNB, Bitcoin, and zkSync. This suggests that
traders on Blur are dealing in higher volumes, aligning with its positioning as
a platform for professional traders.
NFT Art Market Takes a Hit
The NFT
market has been in a slump, particularly in the art segment, which has seen a
continuous decline in both the number of sales and total sales value. This
downturn is not recent; it has been ongoing since the crypto crash in 2022. While
the market did show some signs of recovery, the overall trend remains negative.
Separate data
from Statista and NonFungible confirms Binance Research numbers and shows that NFT
art sales aggregated value across Ethereum, Ronin, and Flow blockchains was a
mere $22.3 million in September 2022. This was a staggering 40 times less than
the sales recorded in the same month the previous year. By the end of 2022, the
monthly sales value had further dwindled to $17.1 million.
The data
clearly indicates that the NFT art market is facing a prolonged downturn, with
little sign of immediate recovery. This decline is not just a blip but appears
to be a more enduring trend, raising questions about the future sustainability
of the NFT art market.
The third
quarter of 2023 has been challenging for the non-fungible tokens (NFTs) market,
with sales hitting their lowest point since the last quarter of 2020. September
alone recorded a dismal sales figure of around $300 million. This downturn is primarily
attributed to a significant drop in average sales prices and floor prices of
popular collections.
The Downward Spiral of NFT
Sales
The NFT
market has been on a downward trajectory, particularly in September, which saw
the worst sales figures since January 2021. The average sales price in September
plummeted to $38.17, a stark contrast to its peak of $791.84 in August 2021.
Collections like Azuki, BAYC, and MAYC have seen their floor prices decline by
more than 25% quarter-over-quarter.
The newest
Binance Research quarterly report shows while the NFT market is struggling,
Ethereum and Immutable X have managed to gain market share. Ethereum's share
increased 6% in Q3, partly due to lower gas fees and a decrease in ETH
prices. Immutable X, a Layer 2 solution built on top of Ethereum, also saw its
market share rise from 4% to 8%. The platform hosts popular blockchain games
like Gods Unchained, which led the sales count for the quarter.
Despite the
gloomy sales figures, the number of NFT transactions in Q3 increased 4.6%
compared to the previous quarter. Gaming NFTs like Gods Unchained, Axie
Infinity, NBA Top Shot, NFL All Day, and Mythical Beings dominated in terms of
transaction count.
Less Buyers, Lower Prices
The average
number of daily unique buyers dropped 14.1% to around 53,000, signaling a
decline in overall market interest. What is more, the NFT-500 price index, a
measure of NFT performance, also took a hit, declining 31% in Q3. Various
NFT collections across sectors experienced a fall in prices, contributing to
the index's poor performance.
While Blur
remains the largest marketplace by sales volume, it has lost ground to
competitors like Opensea, which led in terms of active wallets. New entrants
like Element have also risen in the ranks, thanks to their integration with multiple
networks like Base, Linea, opBNB, Bitcoin, and zkSync. This suggests that
traders on Blur are dealing in higher volumes, aligning with its positioning as
a platform for professional traders.
NFT Art Market Takes a Hit
The NFT
market has been in a slump, particularly in the art segment, which has seen a
continuous decline in both the number of sales and total sales value. This
downturn is not recent; it has been ongoing since the crypto crash in 2022. While
the market did show some signs of recovery, the overall trend remains negative.
Separate data
from Statista and NonFungible confirms Binance Research numbers and shows that NFT
art sales aggregated value across Ethereum, Ronin, and Flow blockchains was a
mere $22.3 million in September 2022. This was a staggering 40 times less than
the sales recorded in the same month the previous year. By the end of 2022, the
monthly sales value had further dwindled to $17.1 million.
The data
clearly indicates that the NFT art market is facing a prolonged downturn, with
little sign of immediate recovery. This decline is not just a blip but appears
to be a more enduring trend, raising questions about the future sustainability
of the NFT art market.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
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Looking to expand your network in #Africa?
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20-22 MAY 2024
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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