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- 🗿 Are NFTs Dead? - A Timeline
🗿 Are NFTs Dead? - A Timeline
NFT transactions hit multi-year low
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GM. Happy Tuesday. It's October. Spooky SZN is here. Winter and the US election are coming.
In other news, California, in its first pro big-tech move in years, has blocked the AI safety bill.
Without Further Ado. ☕ *knuckle cracks* ☕ Let’s get into it.
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Are NFTs Dead? - A Timeline
It’s time to face reality. NFTs are dying.
To be clear, we are not talking about real world use cases of NFT technology. Rather, we are talking about cute and fluffy PFPs that go to the moon.
Last month, NFT transactions dropped 32% from 7.3 million in August to 4.9 million in September. This is the lowest number since 2021.
Let’s start at the beginning
Because none of you have been trading NFTs recently, here’s a timeline to refresh your memory on how we even got to 2021.
Are the numbers that bad?
Here are some more details on the volume, down catastrophically this year.
“Data from CryptoSlam shows that NFTs recorded $296 million in sales during September — a 20% decrease from August’s sales volume of $373 million. The figure is an 81% drop from the $1.6 billion in sales volume recorded in March, digital collectibles’ strongest month in 2024.”
The volume isn’t zero, so it’s not completely over. Of course, there will be projects who survive. Pudgy Penguins’ successful crossover into real life products is a glimmer of hope. But they’re starting to look much more like an outlier than something imitators can repeat.
Is it really over?
Optimists will tell you that this is just a natural correction of an overinflated market. But we find that harder and harder to believe as volume continues to drop while ETH and BTC are rising. A rising tide lifts all boats, unless that boat has a massive hole in it.
The rest of the market is doing fine, funding is still pouring into Web3 projects, even sh*tcoins are active. If NFTs are down now, then what will happen when the market turns bearish?
There’s also the SEC, who have set their sights on OpenSea and the NFT market. Tl;dr is that the SEC thinks NFTs are securities. Something that would completely kill what’s left of the PFP market.
We think it’s time to leave the party.
I’m sure some of you will stay, and that’s okay. Please give us a call if the cops leave and a new DJ can turn the vibe around.
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