Floptober in NFTs this October

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Floptober in NFTs this October

Bitcoin is known as a 'up only' month in the crypto world because of its historically exceptional performance. Bitcoin was up in value since 2013 and ended up higher every October since 2013 compared to 2018 and 2019. While many are hopeful non-fungible tokens will see a similar trajectory play out this year, history tells NFT traders to cancel party plans and plan for floptober instead.

The second half of the calendar year is the Mr. Hyde to the year's Dr. Jekyll, with NFT sales and value falling straight off a cliff. As evidenced by the past two years in NFTs, October is no exception to the rule.

NFT sales dropped 8.7%, to US in October from September 2021. Average sales prices fell 28% between months, from US$557.12 to US$400.22.

In a similar story, sales fell 125% from Septempber to the US in October. The average sales price, however, rose 10.4% from US$76.63 to US$84.66.

The NFT market loses just over 7% of its value in September 2022 and October 2022, reflecting no difference in the loss of value at the macro level.

Last year, October served as a bookend for the year's six-month slide, but ultimately, both 2021 and 2022 needed a catalyst for the market to reverse. The end-of-year $SOS airdrop at 2021 marked the end of a three consecutive months of drop, resulting in much-needed liquidity in the market.

FTX's debacle in November 2022 resulted in lower crypto prices and a rallying moment for NFT collectors. While NFT value plummeted 24.57%, total sales rose 9.25% to US$614 million.

NFTs largely move independently of the crypto markets, or maybe opposite. Cheap crypto is cheaper NFTs, so higher-priced crypto means more expensive NFTs. Uptober in crypto is almost certain to spell bad news for NFTs this month, with NFTs still feeling overvalued. Until we see fresh liquidity injected into the market or another catalyst, we will see the previous two-year trend continue in NFTs, and Uptober will be Floptober once again in NFTs.

No FUD, just FACTS, last week's US$58 million in cross-chain sales reflects the lowest week of sales we have seen in 2023. What is total transactions? While the low sales put the NFT market on par with, buyers, sellers, and transactions reflect the true growth of the NFT economy, mostly up this week and outpacing early 2021 exponentially.

It is the final month of September that is more eyes-opening, with its US in total sales representing the lowest NFT sales since.

The news was the biggest story last week, with the release saying that Pudgy Penguin toys and plushies are now available in 2,000 Walmart stores across the US.

For a less flashy reason, it stands out to me, but still caught my eye. Their sales are made up of multiple NFT collections, all doing hundreds of thousands in sales weekly. The top Solana collection,, sold US$ 403,735 in sales. Solana's total output is just 7% of its total volume.