The ongoing crypto winter is causing a continuous decline in the cryptocurrency market. However, the NFT sales remained steady in September. A cursory look will reveal that the overall volume looks stagnant. Still, a closer look reveals that individual NFT sales are moving at the same rate, Premium NFTs on Ethereum continue to sell, and Solana NFTs are gaining impetus.
Data received from DappRadar reveals that the total volume of NFT trading in September was $947 million, with suspected wash trades explicitly omitted.
NFT Market Sink Continuously From Late 2021
Interestingly NFT market totaled $916 million in July and $927 million in August. June was the final month to surpass the billion-dollar mark, $1.03 billion, to be precise. Despite much buzz and frenzy in late 2021, the NFT market has declined. DappRadar revealed organic NFT trading volume worth approximately $5.36 billion in January.
If measured in UDT, the NFT market had 82% less trading volume in September. Blockchain analyst Pedro Herrera indicts several causes for the ongoing tanking in the NFT market. Herrera explained that investors are more risk shy and averse to investing in risky assets. This is, despite the turmoil in the crypto market and broader macroeconomic trends.
DappRadar Reports $133 Million Worth Of Solana NFT Sales
Even though investors had a liking for expensive NFT earlier this year, such highbrow sales have been few and infrequent recently.
The lower price point and sinking ETH values have not dampened investors and NFT still sells by millions. In recent times the numbers have been rising steadily and have touched 8.78 million in September, up from 7.68 million in August and 5.89 million in July. The number has been growing steadily and is the third-highest monthly total in 2022; in January, only 12.16 million NFT sales are trailing.
Solana NFT has surged, and projects like y00ts and ABC’s success have enabled sales of Solana NFT worth almost $133 million, nearly double the $68.5 million mark from August.