Decline in NFT Sales by 55.6% in Q3 Compared to Q2 2023

The NFT Market Takes a Hit in Q3 with a 55.6% Drop in Sales

In the third quarter of 2023, the non-fungible token (NFT) market experienced a significant decline in sales volume. According to data from CoinGecko.com, NFT trading volume dropped by 55.6%, reaching $1.63 billion compared to $3.67 billion in the previous quarter. This decline can be attributed to investors’ aversion to risk assets in a challenging macroeconomic environment.

Ethereum Maintains Dominance Despite Decline

Despite the overall decrease in NFT trading volume, Ethereum remained the dominant network, accounting for 83.2% of the market share in Q3. However, Ethereum’s dominance has declined since its peak in May and only slightly rebounded in September.

Immutable X Chain NFTs Show Strength in Q3

On the other hand, Immutable X chain NFTs had a successful Q3, with monthly trading sales volume averaging above $20 million. Its market share also increased from 2.1% in Q2 to 3.9% in Q3, thanks to the popularity of the trading card game Gods Unchained, which launched on the Epic Games Store.

The Current State of the NFT Market

Recent data compiled by CryptoSlam.io reveals that the global NFT market has seen a 22.60% increase this week alone. The total trading sales volume for NFTs reached $85 million in the past seven days, and there has been a 17% surge in the number of NFT collectors compared to the previous week.

Ethereum-based NFTs continue to dominate the market, with a trading sales volume of $51 million in the past seven days, marking a 45.25% increase from the previous week. Digital collectibles hosted on Mythos Chain also experienced a short spike, recording a trading sales volume of $8.3 million, although they are down 11.21% overall.

Solana and Bitcoin-based NFTs are the third and fourth most traded collections this week. Solana-based NFTs saw a trading sales volume of $7.3 million, while Bitcoin NFTs reached $4.7 million in sales volume. Both Solana and Bitcoin NFTs experienced positive growth rates of 19.57% and 26.01%, respectively.

Predictions for the Future of the NFT Market

Despite the recent slump in the NFT market, many experts and enthusiasts believe in its potential for a comeback. The resilience of the NFT community and ongoing innovation in the space suggest that the market may bounce back to its peak state in the near future.

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Insa Monroe

Insa's extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa's specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.