Data from Dune Analytics shows that Ethereum and Polygon non-fungible tokens on NFT marketplace OpenSea could post their lowest monthly sales in October. That’s because digital collectibles saw a fade in interest this year, with players facing broad challenges including regulatory scrutiny and federal tariffs.
OpenSea records declining NFT sales
Statistics show that OpenSea’s monthly sales have declined since March 2023. Sales volume for Ether-based NFTs on the market was $49 million in October, down 51% from $74 million in September and down 92% from $659 million in January.
Also, Polygon-minted non-fungible tokens recorded plummeting sales volume since reaching a peak of $109.12 million in February. The figure hovers around $2.7 million for October, down 40% from $4.5 million in September.
NFTs are suffering from declining interest rates
Meanwhile, the non-fungible token industry has struggled as winter ruled the digital asset industry. Leading NFT project Bored Ape Yacht Club has seen its price floor fall by more than 80% since May 2022, confirming dominant bearish signals. The quarterly bottom price chart also indicated a downward trend.
BAYC 3-month chart on Coingecko
Broad Rally to Save the NFT Market
As NFT continues to struggle amid a lack of attention from market players, analysts are confident the sector will bounce back. For example, YouTuber (Giancarlo buy tokens) believes that the NFT winter is finally over, citing the current bullishness in the overall cryptocurrency market.
He stated that NFT prices are skyrocketing during bull runs in the digital asset industry. For example, between June and October 2021, the punks rose 8x from 15 Eth to 120 Eth during an upward rally that saw Bitcoin skyrocket from $28K to the $60K region. According to the analyst
“If crypto people get rich, they will spend more monopoly money on crypto stuff….”
A crypto bull rally will translate into more wealthy individuals in the market. These enthusiasts will put their money into various blockchain-related projects, including playing speculation games and exchanging tokens online. That would boost the NFT market.
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