Over the past few months, NFTs have recorded transactions worth billions of dollars. However, sales data from leading NFT marketplaces indicates diminishing activity, especially in the Ethereum NTF market. After hitting record highs in August, the Ethereum NFT market has been on a steady decline.
According to data from Dune Analytics, Ethereum’s activity on OpenSea, a leading peer-to-peer NFT marketplace, plunged from a monthly volume of $3.4 billion in August to $3 billion in September. This decline intensified in October to close the month with a monthly volume of $2.4 billion. This figure depicts a 12% month-over-month drop.
However, it is worth considering that the falling monthly volume comes after OpenSea’s volume rose stratospherically from $329 million in July to $3.4 billion in August. While a 12% drop in monthly volume is notable, the downward trend is gradual compared to the sharp rise that the marketplace saw in August.
Individual projects posted varying performances
The sales momentum of leading Ethereum-based NFT collections has also faded, with the volume of CryptoPunks decreasing from $679 million in August to around $218 million in September. October saw the collection’s volume take another hit to reach $157 million.
Like CryptoPunks, Art Blocks’ volume fell from $589 in August to $243 million in September. October recorded a massive drop, with the volume plummeting to $94 million.
However, October saw the launch of multiple profile picture NFT projects, which put up strong performances in the secondary market. For instance, MekaVerse recorded a $148 million trading volume in secondary sales. Doodles hit $56 million, and MutantCats recorded a volume of about $51 million.
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