Dune Analytics data shows Ethereum and Polygon non-fungible tokens on NFT marketplace OpenSea might record the lowest monthly sales in October. That comes as digital collectibles saw faded interest this year, with players battling with broad-based challenges, including regulatory scrutiny and Federal rates.
OpenSea records plunging NFT sales
The stats indicated that OpenSea has seen plunging monthly sales since March 2023. Sales volume for Ether-based NFTs on the marketplace stood at $49 million in October, a 51% dip from September’s $74 million and a 92% slump from $659 million in January.
Also, Polygon-minted non-fungible tokens recorded plummeting sales volume since hitting the highs of $109.12 million in February. The figure hovers at $2.7 million for October, a 40% dip from September’s $4.5 million.
NFTs suffer from declined interest
Meanwhile, the non-fungible token industry has struggled as winter ruled the digital assets industry. Leading NFT project Bored Ape Yacht Club has its floor price over 80% down since May 2022, confirming the dominant bearish cues. Also, the three-month floor price chart indicated downtrends.
BAYC 3-month chart on Coingecko
Broad-based rally to rescue the NFT market
While NFT continues to struggle amidst an absence of attention from market players, analysts trust the sector will recover. For instance, YouTuber (Giancarlo buy tokens) believes the NFT winter is finally over, citing the current bullishness in the overall cryptocurrency market.
He stated that NFT prices skyrocket during bull runs in the digital assets industry. For example, punks surged 8x from 15 Eth to 120 Eth between June and October 2021 during an upward rally that saw Bitcoin skyrocketing from $28K to the $60K region. According to the analyst,
“When crypto people get rich, they’re going to spend more monopoly money on crypto stuff….”
A crypto bull rally will translate to more wealthy individuals in the market. These enthusiasts will flood their money into various blockchain-related projects, including playing speculation games and having fun exchanging tokens online. That would boost the NFT market.
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