Hideo Nakamura The month of October was marked by a contraction within the NFT marketplace, as sales plunged by 21.64%, overshadowing the broader uptick in the cryptocurrency market. Ethereum continued to dominate this space, claiming a $171 million share of the total $313 million in sales, though it suffered a 17.26% reduction in sales volume from the previous month.
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October’s NFT Market Overview
A stark decline has characterized the NFT market since its apex, with a significant drop in sales noted. Cryptoslam.io’s data capture portrays a continuous descent in sales since February 2023.
Statistics for NFT sales and buyer counts for October 2023, based on cryptoslam.io data, underscore this contraction.
Between the end of September and October 2023, the NFT market registered sales amounting to $313.37 million. In contrast, sales for the prior month approximated $397 million, indicating a precipitous 21% fall within this one-month window.
Ethereum remained a central player in NFT sales, albeit its sales dipped by 17.26%, raking in $171 million in October, which equated to 54.63% of all sales for the month.
Performance Across Blockchains
Mythos Chain solidified its position as a key player, registering a 10.76% uptick from September with sales reaching $36.90 million, accounting for 11.78% of the total monthly sales.
Solana accounted for $28.91 million, or 9.23%, of the overall sales. Ethereum, Mythos Chain, and Solana were trailed by Polygon at $20.26 million, Bitcoin at $17.75 million, and Immutable X at $15.12 million in sales for October.
While Polygon’s sales experienced a 59.94% drop, Bitcoin saw an 11.72% rise in its NFT sales. Immutable X, however, faced a 28.40% sales decline from September to October.
NFT Collection Sales Insights
The Mythos-owned Dmarket collection led in sales with $36.65 million, a 10.99% increase from September. Ethereum’s Bored Ape Yacht Club ranked second with $23.44 million in sales, marking a substantial 50.77% rise.
Immutable X’s Gods Unchained collection amassed $14.26 million, despite a 22.72% sales decrease in October compared to September.
The Winds of Yawana collection exhibited a remarkable 249.55% sales growth, making it the most notable surge among the top ten collections.
Notable October NFT Sales
The month’s highest sale occurred on the Blur marketplace, with a Mutant Ape Yacht Club “Mega Zombie” fetching $809K. The second highest was a sale on Immutable X for Cross The Ages #223963, sold for $151K.
The other notable high-value NFT sales originated from Bitcoin, Polygon, and Ronin blockchains. The month’s closing highlighted notable floor values from Cryptopunks at around 46.87 ETH, Nouns at roughly 37 ETH, and Bored Ape Yacht Club at about 30.48 ETH, equating to $55,891 in prevailing ETH rates. GEN1 Pass Holders followed, with a floor value of 16 ETH.
We invite you to provide your insights and perspectives on the October NFT sales trends in the comments section below.
Frequently Asked Questions (FAQs) about NFT Market Trends October 2023
What was the percentage decrease in NFT sales in October 2023 compared to the previous month?
In October 2023, there was a 21.64% decrease in NFT sales compared to the sales figures from the previous month.
Which blockchain dominated the NFT sales in October 2023?
Ethereum dominated the NFT sales in October 2023, with its NFTs amassing $171 million, which represented 54.63% of the total sales for that month.
How did Ethereum’s NFT sales in October 2023 compare to the previous month?
Ethereum’s NFT sales saw a decrease of 17.26% in October 2023 compared to the sales volume of the preceding month.
Which NFT collection had the highest sales in October 2023?
The Mythos Chain’s Dmarket collection had the highest sales in October 2023, with a total of $36.65 million, marking an increase of 10.99% from September.
What was the most expensive NFT sale in October 2023, and where did it take place?
The most expensive NFT sale in October 2023 was a Mutant Ape Yacht Club “Mega Zombie” that sold for $809K on the Blur marketplace.
How did other blockchains perform in terms of NFT sales in October 2023?
Other blockchains had mixed results; Mythos Chain experienced a 10.76% increase in sales, Solana contributed to 9.23% of the total with $28.91 million, while Polygon’s sales plummeted by 59.94%, Bitcoin’s rose by 11.72%, and Immutable X saw a 28.40% downturn from the previous month.
More about NFT Market Trends October 2023
- Cryptoslam.io NFT Sales Data
- Ethereum NFT Market Overview
- Mythos Chain Performance
- Solana NFT Market Insights
- Polygon NFT Sales Report
- Bitcoin NFT Marketplace Trends
- Immutable X NFT Sales Analysis
- Blur Marketplace Transactions
- Mutant Ape Yacht Club Valuation
- Cross The Ages NFT
- NFT Floor Value Discussion
5 comments
seriously though, why is everyone acting surprised, the market’s been volatile it was bound to happen and Immutable X getting hit hard, was expecting that, they need to up their game.
saw the slump coming from a mile away the winds of change are blowing guys, it’s not just about the art anymore, its utility, get with the times people
wow just read the october stats, eth still the king but those numbers, not looking good guys, thought nfts were the future? what’s happening??
everyone’s talking about the drop but look at BAYC, those numbers aren’t child’s play, that’s some serious growth, ethereum’s not out of the game not by a long shot
Bitcoin’s NFT sales are up, now that’s interesting didnt think btc was much into the nft scene but here we are, market’s full of surprises