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The non-fungible token market crunch continued in the third quarter as sales sharply plummeted in the earlier quarter. NFT trading volume dropped 55.6%, with dwindling interest across chains. In this article, we shall discuss the state and performance of the NFT market in the past three months.
NFT Sales Fell 55.6% In 2023 Q3
Data compiled by CoinGecko.com, an on-chain data aggregator, reveals that the non-fungible token market has dropped in sales volume as investors kept clear of risk assets amid a challenging macroeconomic environment. NFT trading volumes declined from $3.67 billion in the second quarter of 2023 to $1.63 billion in the third quarter of 2023.
The NFT market began plummeting sometime in June, leaving the majority of NFTs shielding more than 70% of their floor price value. The nearly 70% drop comes as investors continued avoiding risk assets, which have been battered in recent months.
Despite NFT trading volume dwindling, the Ethereum network maintained its dominance of 83.2% of the NFT market in Q3. Although Ethereum led in Q3, it has since declined from its peak in May and only slightly rebounded in September this year.
On the other hand, non-fungible tokens hosted by Immutable X chain NFTs have had a strong Q3, with monthly trading sales volume averaging above $20 million. Its NFT market share increased from 2.1% in Q2 to 3.9% in Q3. The remarkable surge was attributed to traction in the trading card game Gods Unchained, which launched on the Epic Games Store in August.
The State Of NFTs In Recent Days
Based on data compiled by CryptoSlam.io, an on-chain data aggregator, the global non-fungible token market is up 22.60% this week. The global NFT market has recorded a trading sales volume of $85 million in the past seven days. The number of NFT collectors trading NFTs has also surged 17% this week from the previous week.
Non-fungible tokens hosted on Ethereum, the largest blockchain for NFTs, continue to dominate the NFT market, amassing a trading sales volume of $51 million in the past seven days. During this time, Ethereum-based NFTs have surged 45.25% from the previous week.
Digital collectibles hosted on Mythos Chain have experienced a short spike this week. In the past seven days, Mythos chains NFTs have recorded a trading sales volume of $8.3 million. However, Mythos Chain NFTs are down 11.21% in sales volume.
Source: CryptoSlam.io, NFT Sales by blockchain
Solana and Bitcoin-based NFTs are the third and fourth traded NFT collections this week. In the past seven days, Solana-based NFTs have recorded a trading sales volume of $7.3 million, while Bitcoin NFTs have amassed a trading sales volume of $4.7 million. Solana and Bitcoin NFTs are up 19.57% and 26.01%, respectively.
The NFT Market Prediction
Despite the recent NFT slump, which has left many NFTs in turmoil, there is a strong belief among crypto experts and enthusiasts that the NFT market will bounce back to its peak state. The resilience of the NFT community, coupled with the continuous innovation in the space, is paving the way for a potential resurgence in the coming days or weeks.
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