{"id":95387,"date":"2024-09-30T09:25:45","date_gmt":"2024-09-30T13:25:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=95387"},"modified":"2024-09-30T09:25:51","modified_gmt":"2024-09-30T13:25:51","slug":"nft-sales-plummet-to-lowest-volume-since-2021","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/nft-sales-plummet-to-lowest-volume-since-2021\/","title":{"rendered":"NFT Sales Plummet to Lowest Monthly Volume Since 2021"},"content":{"rendered":"\n

NFT sales in September dropped to $296 million, <\/a>down 20% from August and 81% from March's $1.6 billion peak.<\/p>\n\n\n\n

\"NFT
NFT Sales Plummet to Lowest Monthly Volume Since 2021<\/figcaption><\/figure>\n\n\n\n

Non-fungible token (NFT) sales resumed their downward trajectory in September, as digital collectibles' monthly sales volumes failed to recover. The sales volume of non-fungible tokens in September was $296 million, according to data provided by CryptoSlam. <\/p>\n\n\n\n

This is a 20% decline from the sales volume of $373 million reported in August. Compared to the sales volume of $1.6 billion in March, the peak month for digital collectibles in 2024, this result signifies an 81% decrease.<\/p>\n\n\n\n

\"\"
Highest monthly sales and lowest monthly sales in 2024. Source: CryptoSlam<\/figcaption><\/figure>\n\n\n\n

Since January 2021, when the monthly sales volume dropped to $109 million, the digital collectibles industry has not seen a monthly sales volume of less than $300 million.<\/p>\n\n\n\n

In addition to the volume of sales, the overall number of Non-fungible token transactions had a 32% decrease, going from 7.3 million in August to 4.9 million in September. The average value of Non-fungible token transactions climbed by 18% from $50.71 in August to $60 in September, despite the fact that there were many unfavorable data points in the NFT area for the month of September. <\/p>\n\n\n\n

United States regulator eyes NFTs<\/h2>\n\n\n\n

The United States Securities and Exchange Commission (SEC)<\/a> has turned its attention to non-financial instruments , which has resulted in a decreasing trend within the NFTs industry. Devin Finzer, the CEO of the Non-fungible token marketplace OpenSea, reported on August 28 that the company had received a Wells notice from the securities regulator over its operations. <\/p>\n\n\n\n

According to Finzer, the Securities and Exchange Commission (SEC) has suggested that the non-financial instruments on the platform can be considered unregistered securities. The SEC fined Flyfish Club, a restaurant with a Non-fungible token motif, $750,000 on September 16 for selling NFTs. <\/p>\n\n\n\n

SEC commissioners Hester Peirce and Mark Uyeda expressed their disapproval of their agency's enforcement action, arguing that Flyfish's non-financial instruments (NFTs) should not fall under securities laws. “A different way to sell memberships,” the commissioners stated, referring to these non-profit organizations.<\/p>\n\n\n\n

In spite of the SEC's crackdown on non-fungible tokens (NFTs), Luca Schnetzler, the chief executive officer of the well-known Non-fungible token collection Pudgy Penguins, referred to the activities of the regulator as “nonsense”.<\/p>\n\n\n\n

Schnetzler described the actions of the Securities and Exchange Commission (SEC) as insignificant. He argued that the SEC must also take action against larger corporations that have invested in non-financial transactions (NFTs)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in order to pursue OpenSea. Included in this category are Sotheby's, Nike and Pokemon.<\/p>\n","protected":false},"excerpt":{"rendered":"

NFT sales in September dropped to $296 million, down 20% from August and 81% from March’s $1.6 billion peak. Non-fungible token (NFT) sales resumed their downward trajectory in September, as digital collectibles’ monthly sales volumes failed to recover. The sales volume of non-fungible tokens in September was $296 million, according to data provided by CryptoSlam. […]<\/p>\n","protected":false},"author":62,"featured_media":95392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62],"tags":[147,143],"class_list":["post-95387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft-news","tag-nft","tag-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/images-22-2.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=95387"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95387\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/95392"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=95387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=95387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=95387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}