NFT Market Suffers Major Correction as Sales Plunge by 47.9% in September

The downturn in the NFT market has been anything but subtle. The month of August was a tough month for NFT sales, with revenue falling by 41.36% compared to July.

Non-fungible token (NFT) sales took a nosedive in September, dropping by nearly half compared to the previous month, as the market continues to correct after a period of strong growth.

According to data from NFT tracking service Cryptoslam, total NFT sales in September amounted to US$317.77 million, down 47.9% from August’s total of US$607.24 million.

The downturn was felt across the board, with all of the top five blockchains by NFT sales volume seeing significant declines.

Ethereum, which typically dominates NFT交易, saw sales fall by 46.57% to US$108.43 million in September from August’s US$201.67 million.

Bitcoin, a relative newcomer to the NFT scene, also saw a decline in sales, with September’s US$63.98 million marking a 32.06% drop from August’s US$93.69 million.

Solana, which has positioned itself as an alternative to Ethereum for NFTs, saw sales decrease by 41.75% to US$61.26 million in September from August’s US$104.27 million.

Among the top NFT collections, Ethereum’s Cryptopunks led the way with US$16.51 million in sales, down 10.91% from August.

Immutable X’s Guild of Guardians came in second with US$14.1 million, down 2.68%, while Solana’s Dogezuki followed closely with US$10.03 million, down 10.59%.

The most expensive NFT sold during the period was Cryptopunk #6915, which fetched US$1.46 million.

It was followed by Arbitrum’s GETH Locked Deposit, which was sold for US$419,355, and Polygon’s Mining Pass #1574, which was sold for US$205,742.

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