NFT sales plummet to lowest monthly volume since 2021 — CryptoSlam

Non-fungible token (NFT) income continued their downward trajectory successful September arsenic integer collectibles’ monthly income volumes grounded to recover.

Data from CryptoSlam shows that NFTs recorded $296 cardinal successful income during September — a 20% decrease from August’s income volume of $373 million. The fig is an 81% driblet from nan $1.6 cardinal successful income capacity recorded successful March, integer collectibles’ strongest period successful 2024. 

Highest monthly income and lowest monthly income successful 2024. Source: CryptoSlam

Digital collectibles person not seen a monthly income capacity beneath $300 cardinal since January 2021, astatine that long nan monthly income capacity fell to $109 million. 

Apart from income volume, full NFT transactions dropped 32% from 7.3 cardinal successful August to 4.9 cardinal successful September.

Despite nan galore antagonistic statistic successful nan NFT abstraction for September, nan mean worth of NFT transactions accrued by 18% from $50.71 successful August to $60 successful September. 

Related: NFTs tin beryllium securities but SEC Wells announcement to OpenSea ‘not productive’ — Lawyer 

United States regulator eyes NFTs

The downward inclination wrong nan NFTs abstraction comes arsenic nan United States Securities and Exchange Commission (SEC) sets its sights connected NFTs. 

On Aug. 28, Devin Finzer, CEO of NFT marketplace OpenSea, reported that nan institution received a Wells notice from nan securities regulator. Finzer claimed that nan SEC alleged tint NFTs connected nan level whitethorn suffice arsenic unregistered securities. 

On Sept. 16, nan SEC fined nan NFT-themed edifice Flyfish Club $750,000 for trading NFTs. SEC commissioners Hester Peirce and Mark Uyeda criticized nan enforcement action from their agency, arguing that nan NFTs sold by Flyfish should not trigger securities laws. The commissioners said these NFTs were only “a different way to waste memberships.”

Despite nan SEC’s NFT crackdown, Luca Schnetzler, nan CEO of nan celebrated NFT postulation Pudgy Penguins, dismissed nan regulator’s actions arsenic “nonsense.” 

In a erstwhile question and reply alongside Cointelegraph, Schnetzler described nan SEC’s actions arsenic a “nothing burger,” arguing that going aft OpenSea intends nan agency must besides spell against larger organizations that dived into NFTs. This includes Sotheby’s, Nike and Pokemon.

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