NFT Market Continues to Decline in September 2023

The NFT market is facing a sharp decline in popularity among investors in September 2023, according to data from CryptoSlam. Amidst falling Bitcoin (BTC) prices and an uncertain regulatory landscape in the global market, the digital art sector is experiencing an unprecedented drop in trading volumes. Official data reveals that during the first 15 days of September 2023, trading volumes amounted to just $140.09 million.

If this trend persists from September 16th to 30th, with transaction volumes remaining at the same level, the monthly total will hover around $280 million. This would mark a record low for the current year. The worst results so far were recorded in August when NFT market participants acquired non-fungible tokens worth only $418.24 million.

If the situation doesn't change, this figure will decrease by more than a third compared to the previous month, which would be catastrophic for the industry. It's worth noting that back in February 2023, the total sales volume in the NFT industry reached $1.21 billion for the month. Thus, the indicator has already declined by more than 65% in just six months.

Historical data reveals that September has not been the most favorable month for the NFT market. In 2022, for instance, market participants purchased non-fungible tokens worth a record-breaking $6.03 billion in January. However, by the ninth month of the year, this figure had plummeted by nearly 90% to just $643 million.

It's worth noting that in October and November 2022, these values were even more modest, amounting to $563 million and $614 million, respectively. Remember that in May of the previous year, the Terra (LUNA) project collapsed, and in November, the FTX trading platform went bankrupt. These events significantly impacted the situation in the global industry and, in particular, the NFT market.