The non-fungible token market has failed to kick off positive momentum as previously predicted. In this article, we shall explore what is still pulling the NFT market down.
NFT Sales Drop in the New Month
Data compiled by [CryptoSlam.io](https://www.cryptoslam.io/), an on-chain crypto market data aggregator and non-fungible token explorer backed by Mark Cuban, indicates that the global non-fungible token market is still trading below $20 million, contrary to previous bullish predictions. In the past 24 hours, the NFT market has recorded a trading sales volume of $10 million, up just 2.17% from the past day. During this period, Ethereum-based NFTs are the most-selling NFT collections. In the past 24 hours, the Ethereum-based NFT collection has amassed a trading sales volume of $3.7 million, down 3% from the previous day. The Solana NFTs are the second most-selling NFT collections. In the past 24 hours, Solana-based NFTs have attracted a trading sales volume of $2.1 million. The Solana NFT sales have surged 15% from the previous day. NFTs hosted on Polygon, an Ethereum blockchain network, are today’s third most-selling NFT collections. In the past 24 hours, the Polygon-based NFTs have amassed a trading sales volume of $1.5 million. Unlike Ethereum NFTs, Polygon NFT sales volume has surged by 45% in the past week. Bitcoin NFTs are today’s fourth most-selling NFTs, recording a trading sales volume of $1.4 million. During this time, Bitcoin NFT sales volume has plunged by 24% from the past day.
Factors Contributing to NFT Market Downturn
The non-fungible token market continues to gain massive adoption across the globe, meaning that it can now be driven by external forces beyond human control. Yesterday, the market took a significant downturn due to fear of spreading conflict in the Middle East. Even without recent developments, the NFT market was still impacted by Gary Gensler’s recent stance on crypto. null
Latest NFT News
[Indonesia Unleashes Its First NFT Stamps – Are NFTs Quietly Regaining Adoption?](https://insidebitcoins.com/news/indonesia-unleashes-its-first-nft-stamps-are-nfts-quietly-regaining-adoption) [NFT Sales Fall Again In Q3, 2024, Down Over 50% From Q2, 2024](https://insidebitcoins.com/news/nft-sales-fall-again-in-q3-2024-down-over-50-from-q2-2024) [Beeple Tweets About Moo Deng – Will There Be MOODENG NFTs Next?](https://insidebitcoins.com/news/beeple-tweets-about-moo-deng-will-there-be-moodeng-nfts-next)
Despite forecasts and expectations of growth, the NFT market remains under pressure. Experts and analysts continue to monitor the situation's development, considering the influence of both internal and external factors.
Comments