Our monthly NFT Report highlights key takeaways for September, highlighting NFT sentiment and emerging trends.
General News and Sentiment
The NFT market continues to face low sentiment as sales volumes have dropped 29% in the last 30 days, and mainstream media is reporting NFTs as “worthless.” Covered by The Guardian, Cointelegraph, Yahoo, The Hindu Times, and more, a recent study conducted by dappGambl, which analyzed data from NFT Scan and CoinMarketCap, found that 95% of NFT collections, equivalent to 23 million individuals, hold NFTs with no market value – as 69,795 out of 73,257 collections have a market cap of 0 Ether. Even though many projects will need to find a new way to reinvent themselves or grapple with it being “the end of their project,” dappGambl states that despite market volatility, NFTs can thrive in the future by presenting particle use cases or as art.
Below are more top news stories shaping the NFT industry:
- SEC targets Mila Kunis’ Stoner Cats NFT. The SEC charged "Stoner Cats 2" for an unregistered $8 million NFT offering. The show, funded by NFTs with celebrity voices, drew criticism from two SEC commissioners. "Stoner Cats 2" will pay a $1 million penalty and destroy their NFTs. Read more here.
- Farmville raised $33 million to create Web3 games in a round co-led by a16z. Proof of Play has secured $33 million to develop fully on-chain games to deliver enjoyable gameplay experiences. The project relies on technological and product innovations to engage players in fun gameplay without prior blockchain knowledge. Read more here.
- Lufthansa launches NFT loyalty program. Lufthansa's NFT Loyalty program operates on the Polygon Labs Network. The Uptrip app allows passengers to turn boarding passes into NFT trading cards for unlocking rewards. Read more here.
Analytics Deep Dive
In the last week of September, NFT sales reached $78.88 million, showing a 3.2% decrease compared to the prior week. The monthly total is now $341.37 million, reflecting a substantial 34.08% drop from the previous month. Ethereum maintains its lead in NFT sales, with $177,743,112 generated in the past month. Low market sentiment is similarly reflected in the largest blue-chips in the market. Bored Ape Yacht Club's floor price dropped 12% over the past month.
Similarly, Azuki and Mutant Ape Yacht Club have also seen drops of 7.41% and 12%, respectively. (Source Nansen)
Ethereum NFT Sales Volume (September 1st to September 25th) - Source CryptoSlam
Digital Art, Exhibitions, and Events
- Murakami to step back from NFTs. Renowned Japanese artist Takashi Murakami, who entered the NFT market in late 2021, says he might create fewer NFTs. Murakami apologized to NFT buyers for slow sales after the launch, but the community was understanding—nonetheless, Murakami.Flowers has generated 26,713 ETH ($42.52 million) in secondary trading volume, with a current NFT floor price of 0.36 ETH ($573) on OpenSea. Read more here.
- Christie's turns Kieth Haring's digital artwork into a physical patch to prove ownership. Christie's and fashion brand MNTGE have collaborated to offer a physical patch inspired by one of Keith Haring's NFTs, which is part of the ongoing auction "Keith Haring: Pixel Pioneer." This auction features digital drawings created on a Commodore Amiga computer in 1987 and minted as Ethereum NFTs by the Keith Haring Foundation. Read more here.
Image Source: Decrypt
- Gucci premiers fashion week show in the Metaverse. Gucci launched three distinct virtual experiences on three major metaverse platforms, allowing them to realize their open-air event concept despite the real-world Fashion Week being moved indoors due to unexpected weather issues. Read more here.
Related Articles
NFT Report: October Edition
The NFT market has felt the effects of “Uptober,” as sales volumes have increased 21% in the last 30 days, resulting in a market cap of $2.18 billion. Blue-chip projects such as the BAYC collection saw an 81.2% increase in volume the last month, similar to Pudgy Penguins, which had a 51.2% increase in volume. The increase in price and volume can be partly attributed to the general price increase of the crypto market, with Bitcoin and Ethereum up 24.7% and 7.26%, respectively, in the past month. Moreover, when Pudgy Penguins started selling physical plush toys in Walmart, one of the most successful retail stores, interest surged, and so did the floor price of the NFT.
