đš NFT Sales Drop 81% to Lowest Volume Since 2021 !!!
NFT sales continued to slide in September, hitting their lowest monthly volume since January 2021. According to CryptoSlam, NFT sales dropped to $296 millionâa 20% decrease from August's $373 million and a staggering 81% drop from Marchâs peak of $1.6 billion.
Total transactions fell 32%, dropping from 7.3 million in August to 4.9 million in September. Despite the sharp decline, the average transaction value rose 18%, from $50.71 to $60 in September.
The NFT marketâs struggles come as the U.S. SEC intensifies its scrutiny of the sector. On Aug. 28, OpenSea received a Wells notice from the SEC, indicating that some NFTs on the platform may be considered unregistered securities. Additionally, the SEC fined Flyfish Club $750,000 for selling NFTs as part of its membership model, sparking debate about whether NFTs should be subject to securities regulations.
Despite the regulatory crackdown, industry leaders like Luca Schnetzler, CEO of Pudgy Penguins, dismissed the SEC's actions as ânonsense.â Schnetzler argued that targeting NFT platforms like OpenSea would mean going after major players like Sothebyâs, Nike, and Pokemon, who have also embraced NFTs.
As sales continue to decline and regulatory pressures mount, the future of the NFT market remains uncertain. While some critics point to regulation as a potential barrier, others believe NFTs will find new ways to evolve, with focus shifting toward utility and real-world applications beyond collectibles.
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