The Total Number of NFTs Sold Fell
The fun Art Gobblers NFT that launched on Monday may have been impressive, but October’s data shows it has finally ended a dismal month for the market. Total transaction volume and NFT sales fell in October, with Solana volume down 50% and Ethereum losing momentum.
According to the analytics platform, the total Solana NFT trading volume fell by 50% from $134M in September to $67M in October. However, there could be other explanations for Solana’s decreased trading activity in October. Magic Eden and other marketplaces’ decisions to no longer force merchants to pay author royalties dampened enthusiasm in the Solana community. Meanwhile, the rise of NFTs on rival new platform Aptos appears to have taken Solana’s market liquidity away.
$168M Drop in NFT Marketplaces
DappRadar’s data eliminates potential wash trades, which occur when someone sells an NFT between their controlled wallets at significantly inflated prices to rig a token rewards mechanism or help an NFT project acquire attention. Ethereum trade volume also fell in October, though not to the same extent as Solana. According to DappRadar, the total trading volume of Ethereum NFTs in the market is around $518M, slightly less than September’s $687M.
In other words, some Ethereum trade from OpenSea and other marketplaces may be migrating to Blur, but not nearly enough to close the trading volume disparity revealed by DappRadar in October. While Ethereum NFT trading on top marketplace OpenSea fell roughly 12% in October, from almost $356M to slightly more than $313M, organic trading on X2Y2—that is, trading without wash trades—was down 39%, from $297M to slightly less than $182M.
The firms behind the Cosmos Purpose Bitcoin Access ETF, the Cosmos Purpose Ethereum Access ETF, and the Cosmos Global Digital Minor Access ETF have submitted delisting applications to Cboe Australia, according to the letter published on November 2.
The decision to withdraw the quotes indicates the impact of the crypto winter on demand for crypto assets rather than the management teams’ belief in the space’s future.