NFT Sales Dip 28% In August – Here’s What You Should Expect In September

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The days when non-fungible token collections used to skyrocket into the multi-million dollar have faded, with the NFT market tumbling 30% in sales volume in August from the previous month. The market downturn has also left many floor prices slashing over 50% of their value.

Despite the recent NFT market downturn, crypto experts have predicted a revival of NFTs as blockchain technologies continue to find more use cases in various sectors. In this article, we shall explore the NFT market performance in August and what collectors and investors should expect in the coming September.

NFT Sales Fell 28% In August

Data compiled by CryptoSlam.io, an on-chain data aggregator, indicates that the global non-fungible token trading sales volume have tumbled in recent week. In the past 30 days, the NFT market has flipped 30% to 418 million, representing 28.77% from the previous month.

Source: CryptoSlam.io, NFTs sales past 30 days

Non-fungible tokens hosted on Ethereum, the largest blockchain for NFTs, have been the most traded NFTs in August. In the past 30 days, Ethereum-based NFTs recorded a trading sales volume of $246 million. Nonetheless, Ethereum NFTs have dipped 26% in sales volume from the previous month.

Digital collectibles hosted on Polygon, an Ethereum scaling network, have been the second most traded NFT in August, recording a trading sales volume of $36 million. Polygon NFTs have also decreased, falling 16% in the past 30 days. Solana NFTs emerged as the third traded NFTs in August, amassing a trading sales volume of $35 million.

Non-fungible tokens hosted on Mythos Chain have been the fourth most traded NFTs, recording a trading sales volume of $25 million. The Mythos Chain is a permissioned EVM chain based on the Mythos token (MYTH) optimized for in-game assets that power the Mythical NFT Games ecosystem.

Top Selling NFTs In August

Source: CryptoSlam.io, top selling NFTs this month

1. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club is an NFT collection from the digital asset firm Yuga Labs, featuring a limited edition of 10,000 NFTs hosted on the Ethereum network. Bored Ape Yacht Club has been the most traded NFT collection in August, recording a trading sales volume of $26 million in the past 30 days. The NFT collection has pumped 0.39% in sales this month.

2. DMarket NFTs

DMarket is digital collectibles from the virtual item market platform DMarket, featuring a generative NFT collection hosted on the Mythos Chain network. DMarket NFTs have been the second most traded NFT collection in August, amassing a trading sales volume of $25 million. DMarket NFTs have increased 27% in sales in August from the previous month.

3. DraftKings NFTs

DraftKings is an NFT collection from the DraftKings NFT market platform hosted on the Polygon network. Launched in 2021, DraftKings Marketplace is a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions. DraftKings NFT has been the third most traded NFT collection, recording a trading sales volume of $17 million in the past 30 days. DraftKings NFT pumped 348% in August.

4. Sorare NFTs

Sorare NFTs are digital collectibles from a fantasy sport cryptocurrency-based video game Sorare hosted on the Ethereum network. The Sorare NFT card trading game is one of the most popular fantasy soccer or football games, which features over 280 soccer leagues and all 30 teams from Major League Baseball. Sorare NFTs have been the fourth most traded NFT collection, amassing a trading sales volume of $15 million, representing a 31% surge from the previous month.

5. Gods Unchained NFTs

Gods Unchained is an NFT collection from Gods Unchained hosted on Immutable X network. Launched in 2018, Gods Unchained is an ultimate digital trading card game that gives players ownership of their collection. Gods Unchained was the fifth most traded NFT collection in August, recording a trading sales volume of $15 million. This NFT collection has dropped 25% in sales in August from the previous month.

6. DeGods NFTs

DeGods is a collection of 10,000 PFP NFTs featuring godly characters with modern streetwear and ancient deity-inspired art hosted on the Ethereum network. DeGods NFT collection has been the sixth most traded NFTs this month, recording a trading sales volume of $15 million in the past 30 days. DeGods has pumped 31% in sales in August from the previous month.

7. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club is an NFT collection from the digital asset firm Yuga Labs, featuring a fixed set of 20,000 NFTs hosted on the Ethereum network. Mutant Ape Yacht Club NFT collection has been the seventh most traded NFT this month, amassing a trading sales volume of $10 million. However, Mutant Ape Yacht Club has dropped 3.24% in sales in the past month.

8. CryptoPunks NFTs

CryptoPunks is an NFT collection previously from digital asset incubation studio Larva Labs but now owned by Yuga Labs. The NFT collection features a limited edition of 10,000 hosted in the Ethereum network. CryptoPunks have been the eighth most traded NFT collection, amassing a trading sales volume of $10 million in the past 30 days.

9. The Captainz NFTs

The Captainz is a collection of 9,999 utility-enabled PFPs that feature rarity-powered traits inspired by pirates, internet memes, and pop culture. The Captainz NFT has been the ninth most traded NFT collection this month, recording a trading sales volume of $8.2 million. Nonetheless, The Captainz NFTs sales have plunged 44% this month from the previous month.

10. PlayNFT

PlayNFT is a collection from the PlayNFT NFT marketplace hosted on the BNB chain. PlayNFT connects NFT holders and NFT Collection creators to in-game content of blockchain-enabled games. In the past 30 days, PlayNFT has recorded a trading sales volume of $8 million, representing a 41% surge from the past month.

CryptoPunks #3307 was the most expensive NFT collection, selling for $916,703 in late July. CryptoPunks #6634 was the second most expensive NFT collection, selling for $463,260 more than 20 days ago. Clone X 9418 was the third most expensive NFT collection, selling for $360,440 twenty days ago.

Source: CryptoSlam.io, most expensive NFTs this month

The NFT Market Prediction For September

The United States Court has just affirmed Bitcoin and Ether’s status as commodities. This move is a massive milestone for crypto and NFTs, showcasing exciting times ahead. Days like this feel like significant steps forward on the road to mainstream crypto adoption.

The recent court ruling has created hope for Grayscale to win the first exchange-traded fund “ETF,” clearing the regulatory uncertainty around crypto. Since NFTs and crypto are somewhat related, the crypto adoption will also push the adoption of NFTs. The NFT market is expected to boom again as soon as the crypto regulation takes shape in many regions like the United States.