NFT sales plummet to lowest monthly volume since 2021 — CryptoSlam

NFT sales experienced a significant drop in September 2024, reaching their lowest monthly volume since January 2021. According to data from CryptoSlam, total sales amounted to $296 million, a 20% decline from August's $373 million. This marks an 81% decrease from March 2024, which saw a peak of $1.6 billion in sales.

NFT transactions also fell sharply, with 4.9 million transactions in September, down from 7.3 million in August, a 32% drop. However, the average value per transaction rose 18%, from $50.71 to $60.

The downward trend coincides with growing scrutiny from the U.S. Securities and Exchange Commission (SEC). The SEC is cracking down on NFTs, treating some as unregistered securities. OpenSea, a leading NFT marketplace, received a Wells notice from the SEC in August, while the Flyfish Club, an NFT-themed restaurant, was fined $750,000. Despite this, some figures in the NFT space, like Luca Schnetzler, CEO of Pudgy Penguins, have dismissed the SEC’s actions as overreach, arguing that larger corporations like Sotheby’s, Nike, and Pokemon would also need to be targeted if the regulator continues its crackdown.

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