Amid reports of declining interest in NFTs , DappRadar released a report saying otherwise.
The data showed that Ethereum still led the way with 26.2% of total NFT sales, but Immutable X came close behind with 23.1% of NFT sales in the third quarter.
The third quarter was marked by a sharp drop in trading volume by almost 75%. And the number of sales is estimated to reach 21.1 million by the end of the third quarter, up 6% from the second quarter.
DappRadar’s analytics illustrate the nascent strength of NFTs, which is Immutable X. The platform saw an 87% increase in NFT trading volume compared to the previous quarter.
Meanwhile, the market value of the top 100 NFT projects is down 44% from the previous quarter. Although, over the same period, the market value of Ethereum-based NFTs as a whole decreased by only 27%.
The DappRadar report also showed that the floor prices of some blue chips remained unchanged, despite the fact that trading volume in the third quarter fell by 88%.
The prices of several of these collections have gone up. For example, Azuki was up 43.18% (11.44 ETH) in September and Cool Cats was up 15.83% (2.78 ETH).
On the other hand, four Yuga Labs projects have seen a decrease in floor prices. CryptoPunks is down 5.19% (63.95 ETH), Bored Ape Yacht Club is down 7.36% (73 ETH) and Otherdeed is down just 0.57% compared to August. Only Mutant Ape Yacht Club has seen an increase of 2.14% (14.30 ETH) since August.
The blockchain gaming market saw a sharp drop in total NFT trading volume from $1 billion in the first quarter of 2022 to just $71 million in the third quarter.
But fashion NFTs still have huge potential. The Tiffany & Co NFT Collection minted each of its NFTs for 30 ETH ($50,000) and sold them out in 20 minutes, generating $12.5 million in revenue.
Sorare and NBA Top Shot continue to lead the sports NFT market. In the third quarter, the total trading volume of both projects combined was more than $18 million, down 61% from the previous quarter. But the report says that the sports NFT market is still strong.
In conclusion, DappRadar called The Merge event a positive step.
