Q3 2023 the Worst Quarter for NFT Sales in 3 Years: Report
Non-fungible token (NFT) sales in Q3 2023 were the worst in three years, reaching $299 million, according to a Binance Research report. The decline was attributed to a slump in ether (ETH) prices and floor prices of most collections. September was the worst month for NFT sales since January 2021, with major collections like Azuki, Bored Ape Yacht Club, and Mutant Ape Yacht Club experiencing a 25% drop in floor prices. However, Ethereum and Immutable experienced increased market shares.
Gaming NFTs gained popularity in Q3, with the top five collections being Gods Unchained, Axie Infinity, NBA Top Shot, NFL All Day, and Mythical Beings. Despite a drop in sales, Q3 saw overall growth due to lower fees and moderate ETH prices. The total crypto market capitalization plunged by 8.6% in Q3, despite legal victories of Ripple Labs and asset management firm Grayscale. Crypto fundraising activity declined further in Q3, with fundraising rounds and raised funds falling by 24.9% and 21.4%, respectively. However, bitcoin surged 63.1% in year-to-date gains, with assets like Ripple and Solana also recording significant gains. Institutional adoption continued with top traditional companies.
(With inputs from Shikha Singh)
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