October’s NFT Market Contracts Over 21%, With Ethereum’s Share Shrinking by $35 Million

October proved to be a beneficial period for the broader crypto asset landscape; however, it cast a shadow on the non-fungible token (NFT) sector, witnessing a 21.64% dip in sales. Ethereum’s NFTs took the lion’s share, amassing $171 million out of the $313 million total, despite experiencing a 17.26% decrease in sales volume over the course of the month.

NFT Market Contracts in October

The non-fungible token (NFT) market has experienced a substantial decrease in value from its peak, paralleled by a considerable slump in sales. Data gathered by cryptoslam.io highlights a pronounced downward trend in sales starting from February 2023.

In the span of a month, from the close of September to the end of October 2023, the market saw $313.37 million in NFT sales. Nonetheless, the previous month’s sales stood at roughly $397 million, marking a decline exceeding 21% in just a month’s time.

Ethereum positioned itself at the forefront of NFT sales, amassing $171 million in October, which represented 54.63% of the entire month’s sales. Despite this lead, ETH-based NFT sales witnessed a 17.26% decrease compared to the previous month.

Mythos Chain emerged as the second most dominant blockchain in October’s NFT sales, experiencing a 10.76% increase from September, with sales totaling $36.90 million or 11.78% of the month’s aggregate.

Solana (SOL) contributed to 9.23% of the $313 million total with $28.91 million in sales. Ethereum, Mythos, and Solana were followed by Polygon with $20.26 million, Bitcoin with $17.75 million, and Immutable X with $15.12 million in NFT sales for October.

Polygon’s sales plummeted by 59.94% in comparison to September, whereas Bitcoin’s NFT sales rose by 11.72%. In contrast, Immutable X witnessed a 28.40% downturn in its October NFT sales relative to the previous month.

In terms of NFT collections, the largest in sales was Mythos’ Dmarket with $36.65 million, up 10.99% higher than September. Ethereum’s Bored Ape Yacht Club (BAYC) took the second spot with $23.44 million, an improvement of 50.77% higher than the previous month.

Coming in third is Immutable X’s Gods Unchained as it accrued $14.26 million in sales in October. However, Gods’ sales dropped 22.72% lower in October in comparison to September’s sales.

The Winds of Yawana NFT collection distinguished itself with the largest sales surge among the top ten collections in the previous month, boasting a 249.55% increase in October.

The most substantial transaction of the month took place on the Blur marketplace, featuring the sale of a Mutant Ape Yacht Club “Mega Zombie” for $809K. Following closely behind was the Immutable X-based NFT, Cross The Ages #223963, fetching $151K.

The trio of most expensive NFT sales in the concluding month stemmed from Bitcoin, Polygon, and Ronin. October showcased its priciest floor values from Cryptopunks, Nouns, and BAYC. Cryptopunks wrapped up the month with a floor value hovering around 46.87 ETH, while Nouns concluded October at approximately 37 ETH.

BAYC, enduring a downward trend for several months, finalized the month with a floor value near 30.48 ETH, equivalent to $55,891, based on the prevailing ether exchange rates. Close on the heels of BAYC’s floor value, GEN1 Pass Holders occupied the fourth rank in terms of floor value, standing at 16 ether.

What do you think about the NFT sales in October? Share your thoughts and opinions about this subject in the comments section below.

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