SNEAK PEEK<ul><li>CryptoSlam, sales decreased for the fifth consecutive month in September to slightly over $500 million.</li><li>Majority of NFT collections are hosted on the Ethereum blockchain, which is the reason for the continued decline in Ethereum pricing.</li><li>BAYC, Mutant Ape Yacht Club, CryptoPunks, and fantasy football series Sorare were present in the top five selling collections.</li></ul>According to NFT aggregation website CryptoSlam, sales decreased for the fifth consecutive month in September to slightly over $500 million, its lowest amount since July 2021.The majority of NFT collections are hosted on the Ethereum blockchain, which is the reason for the continued decline in Ethereum pricing. As a result, September’s monthly sales volume is down about 90% from the record US$4.7 billion in sales reported in January 2022.Even while the number of unique buyers increased somewhat from the previous month, it was still below 500,000 for the month, at roughly 480,000, which represents a 55% decline from the peak in January.Yehudah Petscher, NFT relations strategist at CryptoSlam, described the NFT market in an interview with Forkast as “down and down tremendously.” I don’t believe that will change anytime soon.Seen as an essential part of the Web3, a reinvented internet where gaming, social media, and financial services operated where gaming, social networking, and financial services are managed by decentralized apps managed by users’ wallets – a sluggish NFT market could hinder the development of this developing industry.The <a href="https://www.todaynftnews.com/ethereum-makes-history-with-merge-completion-ceo-and-community-celebrate/" rel="noopener noreferrer nofollow">long-awaited “Merge,”</a> which fundamentally altered the Ethereum network’s infrastructure, occurred on September 15 and marked another key milestone for the network.There were also worries that this would have had a disastrous effect on the NFT market because some Ethereum miners who wanted to oppose the merger split the network, thus duplicating the NFTs from the original network. Many markets, including market leader <a href="https://www.todaynftnews.com/a-deep-dive-into-the-opensea-marketplace/" rel="noopener noreferrer nofollow">OpenSea</a>, made the announcement that they will only continue to allow NFTs on the primary Ethereum network in advance of this fork.The heavyweights of <a href="https://www.todaynftnews.com/bayc-the-story-of-the-most-successful-nft-ever/" rel="noopener noreferrer nofollow">Bored Ape Yacht Club (BAYC)</a>, <a href="https://www.todaynftnews.com/an-insight-into-the-ins-and-outs-of-the-mutant-ape-yacht-club-nfts/" rel="noopener noreferrer nofollow">Mutant Ape Yacht Club (MAYC)</a>, <a href="https://www.todaynftnews.com/cryptopunks-an-insight-into-the-earliest-and-expensive-nft-collection/" rel="noopener noreferrer nofollow">CryptoPunks</a>, and fantasy football series Sorare were present in the top five selling collections for the month as usual.With nearly US$25 million in sales for the month, QQL Mint Pass, a generative art initiative that just made its debut in September, came in second.The collection with the highest revenue, BAYC, sold for US$32 million.Forkast was informed by Petscher that as the industry develops, buyers are expecting more utility from NFT initiatives. Profile images used to drive earlier bull markets, but that was starting to change.Source: <a href="https://www.todaynftnews.com/" rel="noopener noreferrer nofollow">Today NFT News</a>

Crypto winter finally clocked the NFT marketplace for the fifth time

TodayNFTNews

Other articles published on Oct 3, 2022

Will This Bearish Pattern Drive the Price of the Ethereum Coin Below $1200?

Artificial Intelligence in Sensorium

Sega has announced to launch of its first blockchain game

Japanese Gaming Giant to Release First Blockchain Game

Celsius Drops New Update Regarding Outstanding Loans Despite Being Bankrupt.

BNB Chain Weekly Ecosystem Report (Sep. 23rd to Sep. 29th)

Join our free newsletter for daily crypto updates!