The NFT marketplace was not in a good state in the month of September, and people saw a dip in the same. Even though the spike in August made the investors pretty hopeful, now they are back to the anxious mode all over again. Therefore today’s discussion will encompass what the dropoff means and whether it is the beginning of something even better than the August curve.
Most of the crypto experts are saying that October will be the month of massive NFT drops that most of the investors should be paying attention to.
Looking at the graph in September, you might ask- is the NFT market declining? Let us take a look at the data instead of catching ideas in the air. In the Opensea daily volume, you can see a steep climb in the first half of September that started in the month of August itself. But then the market cooled down pretty soon in the second half – which was a bit concerning.
But the positive news is you can see a proper rebound, and the NFT matrix seems to be in a stable condition. You can see a similar spike and cool on the other data charts like Axie Infinity(the world’s biggest NFT project by sales volume), ArtBlocks (popular art project in NFT) as well as Metaverse Index (incorporates NFT related cryptocurrencies).
Here Is Some Good News
On the Open Sea, you might think that September has been not-so-good of a month, but you should also remember the fact that there have been massive sales on the other channels as well. Take the example of Solana, in which the overall run rate is over 100 million dollars a month which is relatively better than the performance of August, and you have no reason to think that the NFT marketplace is doomed as of now.
Now and then, you can get the appearance of whales, and that is why the total number of buyers and sellers is growing in this dimension. There has been a series of fundraising events for numerous NFT companies in the sports sector. For example, RECUR has raised 50 million dollars just to bring the NFTs back to the college sports segment.
Dapped Labs has reached 250 million dollars, and SoftBank has gathered no less than 680 million dollars. So there is a lot of stability when it comes to the intelligent money conviction of the NFTs. Therefore the superficial dip has nothing to do with the fundamentals of NFT, which is still very promising at the grass-root level. The pullback that you see is absolutely normal, and the September sales will soar higher than the levels of June and July.
Individual NFT- Winners And Losers
Right now, Cool Cats are securing the third position based on profile pic collection sales, and they are right behind Cryptopunks and Board Ape Yacht Club. On September 1st, it was at 3.5eth, but by the end of September, it went up to 10.5eth. If you compare it with Bored Ape, the growth was flat at 39eth, and Cryptopunks only grew from 95eth to 106.5eth.
Now coming to the losses, quite a few collections witnessed a double-digit decline like Dogepound, Goatz, and Animetas. Therefore we can safely say that September has been a mixed bag as compared to August when most of the collections were up. If you check out the new collection, some of the notable drops were that of the Cryptoadz, Sneaky Vampires, Adam Bomb Squad, etc.
NFT Market To Grow In October- Yes Or No?
According to Invezz and most of the crypto experts, the trading volume of non-fungible tokens (NFTs) is likely to exceed $175 million by October. Trading volume in the NFT market has increased dramatically this year, from $11.5 million in January to $33.8 million in February. According to Coinranking, these figures more than doubled to $86 million in March.
First, you need to understand that the biggest hurdle that NFT is facing is the friction that one has to endure while buying and selling them. You have to gain ample knowledge about Ethereum, then understand how to buy it with a forum like Coinbase, and then you have to transfer your money by setting up a metamask. Then you have to learn about the NFTs and different types of them and then figure out how to buy and sell them.
Doesn’t it feel like a load of work to do? This is a troublesome user experience that is slowing down the growth of NFTs.
Until this problem gets resolved, there is no way in which mainstream buyers will flock towards the NFT matrix. So what are the events in October that could make the NFTs more popular than they already are?
Robinhood At Play
Now Robinhood has brought forward a wallet that will help you put and pull crypto with just a few taps. You can send your crypto to specific wallets and receive the currencies in your Robinhood account. This is starting in October, and Robinhood has about 10 million people trading on their app.
Therefore the most significant barrier is going to be resolved soon. If you buy Ethereum on Robinhood, then you can use the same to interact with other forums like Opensea. It is pretty similar to the strategy that Metamask has been using but with better effectiveness.
Twitter Leaning Into NFTs
Following up on last month’s initial preview of its upcoming NFT display option, Twitter has now revealed further details about its in-development NFT showcase procedure, which will eventually allow Twitter users to post their NFTs with a direct link to their ownership status. According to Twitter engineer Ethan Sutin, the new Twitter NFT display procedure will allow users to link their NFT details into their image feed, allowing profile visitors to seek up information on any NFT you use, offering direct assurance of ownership and leaning into the growing NFT movement.
Will The Floodgates Open Up?
If you have thought about whether it is time to open the floodgates just as yet, then the answer will be disappointing. Even with Robinhood and Twitter trying their best, it will take some time for the wave to be humongous.
Most Significant Drops Coming Next Month
- Pancake Swap– It has a value of 4.7million dollars, and it is going to be launched in October. Right now, they have one million followers on Twitter, and there is a high chance that the sweep is sure to turn a lot of heads.
- Mekaverse– It is a hyped drop that came out on October 2nd, and the price will be 0.2eth. It has all the factors you would want in a specific project, which is why it will give investors a lot of profits in the long run.
- RTFKT Avatar– This is a digital fashion company that brought forward the cryptopunk sneakers. Their discord has 30000 followers and a good reputation because of the fantastic 3D art they offer.
Overall, we can say that some significant drops are going to come to light, and you should be ready to put your funds in the best ones.
