NFT Monthly Sales Top $947M as Solana Advances Against Ethereum Solana

  NFT sales volume nearly doubled in January despite the market as a whole remaining essentially flat and falling over 82% from January highs.

NFT Monthly Sales Top $947M as Solana Advances Against Ethereum Solana

In essence

  • According to DappRadar, the NFT market generated about $950 million in trading volume in September, a marginal rise over August's total.
  • Sales of Solana NFT nearly doubled in September as a result of well-known projects.

The total volume of NFT sales in September stayed nearly unchanged despite the continued bear market in cryptocurrencies. Individual NFT sales are continuing up, high value NFTs on Ethereum are still selling, and Solana NFTs are picking up momentum even though the general volume seems to be stagnating.

Data from DappRadar shows that total NFT trading volume was $947 million in September, with suspected wash trades notably excluded from that total. In comparison, August's total was $927 million and July's total was around $916 million. With $1.03 billion, June was the final month to surpass the billion-dollar threshold.

The NFT market is still drastically down from its peak in late 2021 and early this year. DappRadar, for instance, noted around $5.36 billion in organic NFT trading volume in January. In other words, when expressed in USD, the NFT market generated 82% less trading volume in September.

Pedro Herrera, a senior blockchain analyst at DappRadar, identified a few possible causes of the ongoing NFT market downturn. On the one hand, the cost of cryptocurrencies has dropped considerably since the year's beginning. For instance, the value of Ethereum (ETH) has decreased by 65% since the year's beginning when expressed in US dollars.

Investors also seem to be more risk-averse than before, he said Decrypt, amid the instability in the cryptocurrency market and larger macroeconomic factors. Therefore, while some purchasers may have found snagging expensive NFT to be alluring earlier this year, there are now fewer high-value sales available.

However, despite the decreased price and falling value of ETH, NFTs are still being sold in the millions. In fact, that number has been increasing recently, with 8.78 million NFT transactions in September, up from 7.68 million in August and 5.89 million in July. With January continuing to lead the way in 2022 with sales of 12.16 million NFTs, it is the third-highest monthly total so far.

NFTs are still in high demand, Herrera told Decrypt. "The market is only changing the value of some NFTs. There was undoubtedly a bubble in the way that some collections were priced, which resulted in sales of $1 million or more.

Additionally, there are a few intriguing trends in the mix: Sales of Solana NFT have increased recently as a result of the popularity of programs like y00ts and ABC. Solana NFT sales were roughly $133 million on DappRadar last month, more than doubling the $68.5 million figure from August.

Additionally, data from DappRadar reveals that OpenSea's once-tight control over the NFT industry is eroding. OpenSea still outperformed competitors in terms of trading volume in September ($350 million), but X2Y2 is closing the gap with $297 million in organic volume. The largest Solana marketplace, Magic Eden, saw sales of $127 million in September.

The NFT market experienced some high-profile, high-value sales and dips last week, demonstrating that the sector is nonetheless active despite weak overall figures.

For instance, the most recent generative art release from Tyler Hobbs brought in approximately $17 million in main sales on Wednesday and over $27 million in secondary sales over the following days. On the secondary market, one CryptoPunks NFT sold last week for $4.5 million.

When asked about the outlook for the NFT industry, Herrera responded that the speculative bubble has burst and he doesn't think we'll ever again see monthly totals around the $5 billion or $6 billion range. However, he believes that the market will continue to expand from here and eventually return to the $2 billion monthly area.

He attributes that anticipated rise to increased involvement from key players in the market, such Starbucks and Ticketmaster, as well as possible large-scale adoption once the NFT gaming market reaches maturity.

He predicted that video games will spur "huge commercial activity." "I believe the buzz and dominance of game NFT assets will make the NFT industry to look very different in a year."

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