United

Taylor Swift

when

Non-fungible token (NFT) sales continued their downward trajectory in September as digital collectibles’ monthly sales volumes failed to recover.
Data from CryptoSlam <a data-ct-non-breakable="null" href="https://www.cryptoslam.io/nftglobal?timeFrame=month&amp;headerPeriod=30d" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.cryptoslam.io/nftglobal?timeFrame=month&amp;headerPeriod=30d">shows</a> that NFTs recorded $296 million in sales during September — a 20% <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-sales-august-2024-decline" rel="noopener noreferrer nofollow" target="null" text="null" title="null">decrease from August’s sales volume</a> of $373 million. The figure is an 81% drop from the $1.6 billion in sales volume recorded in March, digital collectibles’ strongest month in 2024.&nbsp;
<figure><img alt="NFT sales plummet to lowest monthly volume since 2021 — CryptoSlam" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019242e7-e917-7c8b-b0df-7aafe4493438">
 <figcaption style="text-align: center;">
 Highest monthly sales and lowest monthly sales in 2024. Source: CryptoSlam
 </figcaption>
</figure>
Digital collectibles have not seen a monthly sales volume below $300 million since January 2021, when the monthly sales volume fell to $109 million.&nbsp;
Apart from sales volume, total NFT transactions dropped 32% from 7.3 million in August to 4.9 million in September.
Despite the many negative statistics in the NFT space for September, the average value of NFT transactions increased by 18% from $50.71 in August to $60 in September.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-securities-sec-wells-notice-opensea-lawyer-response" rel="noopener noreferrer nofollow" target="null" text="null" title="null">NFTs can be securities but SEC Wells notice to OpenSea ‘not productive’ — Lawyer&nbsp;</a>
<h2 id="united-states-regulator-eyes-nfts">United States regulator eyes NFTs</h2>
The downward trend within the NFTs space comes as the United States Securities and Exchange Commission (SEC) sets its sights on NFTs.&nbsp;
On Aug. 28, Devin Finzer, CEO of NFT marketplace OpenSea, reported that the company <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/opensea-wells-notice-sec-nfts" rel="noopener noreferrer nofollow" target="null" text="null" title="null">received a Wells notice</a> from the securities regulator. Finzer claimed that the SEC alleged tint NFTs on the platform may qualify as unregistered securities.&nbsp;
On Sept. 16, the SEC <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/two-sec-commissioners-slam-agencies-nft-settlement-flyfish-club" rel="noopener noreferrer nofollow" target="null" text="null" title="null">fined the NFT-themed</a> restaurant Flyfish Club $750,000 for selling NFTs. SEC commissioners Hester Peirce and Mark Uyeda criticized the enforcement action from their agency, arguing that the NFTs sold by Flyfish should not trigger securities laws. The commissioners said these NFTs were only “a different way to sell memberships.”
Despite the SEC’s NFT crackdown, Luca Schnetzler, the CEO of the popular NFT collection Pudgy Penguins, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/pudgy-penguins-ceo-interview-token2049-sec" rel="noopener noreferrer nofollow" target="null" text="null" title="null">dismissed the regulator’s actions</a> as “nonsense.”&nbsp;
In a previous interview with Cointelegraph, Schnetzler described the SEC’s actions as a “nothing burger,” arguing that going after OpenSea means the agency must also go against larger organizations that dived into NFTs. This includes Sotheby’s, Nike and Pokemon.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/tokenizing-music-royalties-nfts-taylor-swift-3lau-nas-the-weeknd/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Tokenizing music royalties as NFTs could help the next Taylor Swift</a>

NFT sales plummet to lowest monthly volume since 2021 — CryptoSlam

Table of Contents

Cointelegraph

Other articles published on Sep 30, 2024

Valour debuts physically-backed Ethereum staking ETP on LSE

Kaspa (KAS) vs. SUI: Which Crypto Is Better to Hold Right Now?

Robinhood Shuts Down Stablecoin Rumors

Shiba Inu Token Eyes Delisting From Major Exchange: What's Happening?

SHIB Burn Rate Rockets 320%, Will It Spark A Shiba Inu Price Rally?

Qubetics Whitelist Presale Triumph: Over $1,000,000 Raised on Launch Day

Join our free newsletter for daily crypto updates!