Crypto NFTs could be in the dark this October

Crypto NFTs could be in the dark this October

Bitcoin's historically exceptional performance has made it a recognized 'up only' month in the crypto world. Bitcoin averaged a surge every October since 2013 (compared to 2018 and 2019) 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. October is no exception to the rule, evidenced by the past two years in NFTs.

NFT sales dropped 8.7%, from September 2021 to October in the US. Average sales prices fell from US$557.12 to US$400.22 in the past 12 months.

In a similar story, sales fell 125% from Septempber to the US in October. However, average sales prices increased 10 percent, from US$76.63 to US$84.66.

The macro level is no difference in the loss of value in September 2022 and October 2022, with the NFT market losing just over 7% of its value each month.

Last year, October served as the 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 resulted in the injection of much needed liquidity into the market and ended to three consecutive months of declines.

In November 2022, FTX's collapse brought down crypto prices and brought a rallying moment for NFT collectors. While the value of NFTs dropped 24.57%, total sales rose 9.25% to US$614 million.

NFTs are mostly independent of the crypto markets, or maybe opposite. Cheap cryptocurrencies mean cheaper NFTs, so higher-priced crypto means more expensive NFTs. As long as NFTs are still feeling overvalued, Uptober in crypto almost certainly spells bad news for NFTs this month. We'll see the previous two-year trend continue in NFTs, and Uptober will be Floptober once again in NFTs.

Last week's $58 million in cross-chain sales reflects the worst week of sales we have seen in 2023. What is total transactions? While the low sales puts 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 eye-opening with its US in total sales containing the lowest NFT sales since.

The biggest story last week was announcing that Pudgy Penguin toys and plushies are now stocked in 2,000 Walmart stores across the US.

Then, she stared at me for a less flashy reason but still caught my eye. Their revenue comes from multiple NFT collections, all doing hundreds of thousands in sales weekly. The top Solana collection,, saw sales of US$ 403,735 in sales. Solana's total production is only 7% of its total volume.