The non-fungible token market has failed to kick off positive momentum as previously predicted. In the past several weeks, industry experts, traders, and creators had predicted the market would retest the hype from this month. But just a few hours into the new month of October, hope seemed further away than ever. In this article, we shall explore what is still pulling the NFT market down.
NFT Sales Are Still Down In This New Month
Data compiled by CryptoSlam.io , an on-chain crypto market data aggregator and non-fungible token explorer backed by Mark Cuban, indicates that the global non-fungible token market is still trading below $20 million, contrary to previous bullish predictions. In the past 24 hours, the NFT market has recorded a trading sales volume of $10 million, up just 2.17% from the past day.
During this period, Ethereum-based NFTs are the most-selling NFT collections. In the past 24 hours, the Ethereum-based NFT collection has amassed a trading sales volume of $3.7 million, down 3% from the previous day. The Solana NFTs are the second most-selling NFT collections. In the past 24 hours, Solana-based NFTs have attracted a trading sales volume of $2.1 million. The Solana NFT sales have surged 15% from the previous day.
NFTs hosted on Polygon, an Ethereum blockchain network, are today’s third most-selling NFT collections. In the past 24 hours, the Polygon-based NFTs have amassed a trading sales volume of $1.5 million. Unlike Ethereum NFTs, Polygon NFT sales volume has surged by 45% in the past week. Bitcoin NFTs are today’s fourth most-selling NFTs, recording a trading sales volume of 1.4 million. During this time, Bitcoin NFT sales volume has plunged by 24% from the past day.
Factors Fueling NFT Market Downturn
The non-fungible token market continues to gain massive adoption across the globe, meaning that it can now be driven by external forces beyond human control. Yesterday, the market took a significant downturn due to fear of spreading conflict in the Middle East. Even without recent developments, the NFT market was still impacted by Gary Gensler’s recent stance on crypto.
Reports suggest that Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), is just weeks away from imposing new rules on DeFi platforms, which could change how traders access their favorite exchanges. Far away from regulation, the NFT market also appears to have been impacted by the recent crypto market downturn. NFTs will not cook again until crypto regains its footing.
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