September Marks the Worst Month in NFT History. The Industry Loses Buyers

<p>The third
quarter of 2023 has been challenging for the non-fungible tokens (<a href="https://www.financemagnates.com/tag/nft/" target="_blank" rel="follow">NFTs</a>) market,
with sales hitting their lowest point since the last quarter of 2020. September
alone recorded a dismal sales figure of around $300 million. This downturn is primarily
attributed to a significant drop in average sales prices and floor prices of
popular collections.</p><p>The Downward Spiral of NFT
Sales</p><p>The NFT
market has been on a downward trajectory, particularly in September, which saw
the worst sales figures since January 2021. The average sales price in September
plummeted to $38.17, a stark contrast to its peak of $791.84 in August 2021.
Collections like Azuki, BAYC, and MAYC have seen their floor prices decline by
more than 25% quarter-over-quarter.</p><p>The newest
Binance Research quarterly report shows while the NFT market is struggling,
<a href="https://www.financemagnates.com/terms/e/ethereum/">Ethereum</a> and Immutable X have managed to gain market share. Ethereum's share
increased 6% in Q3, partly due to lower gas fees and a decrease in ETH
prices. Immutable X, a Layer 2 solution built on top of Ethereum, also saw its
market share rise from 4% to 8%. The platform hosts popular blockchain games
like Gods Unchained, which led the sales count for the quarter.</p><blockquote><p lang="en" dir="ltr">Our latest State of Crypto Report summarises all the key insights, events, and learnings from Q3.Find everything you need to know about developments in the space, including analysis of: