The third
quarter of 2023 has been challenging for the non-fungible tokens (NFTs) market,
with sales hitting their lowest point since the last quarter of 2020. September
alone recorded a dismal sales figure of around $300 million. This downturn is primarily
attributed to a significant drop in average sales prices and floor prices of
popular collections.
The NFT
market has been on a downward trajectory, particularly in September, which saw
the worst sales figures since January 2021. The average sales price in September
plummeted to $38.17, a stark contrast to its peak of $791.84 in August 2021.
Collections like Azuki, BAYC, and MAYC have seen their floor prices decline by
more than 25% quarter-over-quarter.
The newest
Binance Research quarterly report shows while the NFT market is struggling,
Ethereum and Immutable X have managed to gain market share. Ethereum’s share
increased by 6% in Q3, partly due to lower gas fees and a decrease in ETH
prices. Immutable X, a Layer 2 solution built on top of Ethereum, also saw its
market share rise from 4% to 8%. The platform hosts popular blockchain games
like Gods Unchained, which led in sales count for the quarter.
Our latest State of Crypto Report summarises all the key insights, events, and learnings from Q3.
Find everything you need to know about developments in the space, including analysis of:
🔸 Layer 1s & 2s
🔸 DeFi
🔸 NFTs
🔸 Gaming
