The NFT market Keep signing up Double-digit decline in the US dollar year-on-yearwith groups blue chip Especially since this suffered the lowest drop in September 2022.
This data for non-fungible tokens was revealed through a report published by NansenIndustry-leading blockchain data analytics platform.
The The non-innate currency marketIt, like most global financial markets, has suffered from a severe slowdown and soaring inflation.
This has resulted in increased volatility across all classes of non-fungible tokens, including the top 500 projects that suffered a loss. – 20.6% on September 30, 2022.
Gaming-related NFT marketplaces and Blue Chip NFTs
Taking a deeper look at sectors with less volatility, the report highlights A decrease of -7.8% For the top 10 Blue Chip NFT projects, as well as for the Social NFTs which recorded a decrease of -7.9%.
In terms of the composition of the NFT-500 index (of ETH), we see that the weighting of social NFTs continues to increase in the third quarter.
The same is true for Metaverse NFTs, although their weight decreased slightly in the last month of the third quarter (September). NFT Art weighting remained relatively stable in the NFT-500 index (of ETH), with a slight increase in September. Finally, gaming-related non-fungible tokens decreased significantly in weightage in the third quarter, in line with the significant decline in their market capitalization as the NFT sector.
The worst performance was recorded by gaming-related NFT projects, with a drop of -71.8%. However, the index also shows that the market has seen a slight uptick in the last 30 days of September.
The report also shows that non-fungible Blue Chips were the least volatile, which can be attributed to notable sales of Blue Chip NFTs such as BAYC #6388 – sold for 869.7 ETH, with a profit of 809 ETH, held for 377 days or CryptoPunks #3614 – which is considered It sold for 275 ETH, with a profit of 265 ETH, in the third quarter, a potential contributing factor to Blue Chip projects experiencing the fewest downsides year-on-year.
Compared to a prior Q2 analysis, gaming and arts systems posted lower overall growth.
The gaming sector It is he who has recorded the largest decrease in performance from year to year compared to other sectors of non-fungible tokens.
In the last week of the third quarter, weekly transactions and user counts were lower across all measures. NFT Mints and NFT OpenSea saw the most declines.
However, according to the analysis, Nansen’s analysis cannot ignore the fact that non-fungible tokens from Gaming are migrating to other chains, which is why the Ethereum list is going down.
In fact, the report noted an increase in GameFi-related projects built on series like BNB and Polygon.
This trend indicates a possible departure of GameFi projects from Ethereum and their transition to alternative chains.
Louisa ChoiThe Nansen analyst said:
“Given the decline in the value of NFTs, and thus market capitalization, it is not surprising that the average spend per transaction on NFTs has decreased significantly since the beginning of 2022.
We can interpret that NFT market participants remain cautious about overall market conditions. However, more on-chain data is needed to confirm that observation.”