Monthly NFT revenue is over $947 million

  • ETH price at the time of writing – $1,349.29
  • Solana NFT sales almost doubled in September due to notable projects
  • A single CryptoPunks NFT sold for $4.5 million

Despite the ongoing decline in the cryptocurrency market, NFT sales volume was largely flat in September.

However, despite the fact that overall volume appears to be flat, individual NFT sales are progressing at the same rate, high-quality NFTs on Ethereum continue to be sold, and Solana NFTs are gaining momentum.

According to data from DappRadar, the total volume of NFT trades in September was $947 million, specifically excluding suspected wash trades.

The NFT market will remain significantly declining from the end of 2021

This contrasts with nearly $916 million in July and $927 million in August. At $1.03 billion, June was the most recent month to surpass the billion dollar mark. Despite the rush of late 2021 and early this year, the NFT market continues to experience a significant decline. DappRadar, for example, saw approximately $5.36 billion worth of NFT organic trading volume in January.

In other words, in USD terms, the NFT market saw 82% less trading volume in September. Pedro Herrera, a senior blockchain analyst at DappRadar, suggested some possible causes for the ongoing decline in the NFT market.

He told Decrypt that despite the turmoil in the crypto market and broader macroeconomic trends, investors appear to be more risk-averse than in the past.

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DappRadar recorded $133 million in Solana NFT sales

While some buyers were tempted to snag high-priced NFTs earlier this year, there have been fewer high-quality sales of late.

Still, NFTs continue to sell in the millions despite the lower price and declining ETH value. In fact, that number has risen recently, reaching 8.78 million in September, up from 7.68 million in August and 5.89 million in July, the third-highest monthly total in 2022, only behind January’s 12.16 million NFT sales return.

Additionally, there are some intriguing trends in the mix: Solana NFT sales have increased recently due to projects like y00ts and the success of ABC. Last month, DappRadar recorded sales of Solana NFT worth nearly $133 million, almost doubling the $68.5 million mark from August.

Data from DappRadar also suggests that OpenSea’s once-strong position in the NFT market is losing ground. OpenSea still has more trading volume than its peers at $350 million in organic volume in September, but X2Y2 is close at $297 million. the most popular Solana marketplace reported $127 million in revenue.

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