Over the third quarter of 2022, total sales of NFTs amounted to $3.4 billion, according to data from DappRadar. This represents a drop of more than half from the previous quarter’s $8.4 billion, and nearly two-thirds from the first quarter peak of $12.5 billion in total sales.
NFTs are still selling by the millions though, despite the lower price point and declining ETH value. 8.78 million NFTs were transacted in September, up from 7.68 million NFTs in August and 5.89 million in July. It’s the third-highest monthly total so far in 2022, with January still on top with 12.16 million NFTs sold.
OpenSea’s once-firm grip over the NFT market is also loosening. OpenSea’s $350 million worth of September trading volume still tops rivals, but the second biggest Ethereum marketplace X2Y2 is coming up close with $297 million worth of organic volume. Magic Eden, the top Solana marketplace, had $127 million worth of volume in September.