NFT Trading Volume Drops to Lowest Level in 2 Years

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The NFT market experienced a significant decrease in trading volume in September, reaching its lowest level since January 2021.

According to a report by Binance Research, the total trade value for tokenized collections in the third quarter was $299 million.

This decline in trading activity is attributed to a drop in the value of ether (ETH) and leading digital collections.

The total trading volume for popular NFTs such as Azuki, Bored Ape Yacht Club, and Mutant Ape Yacht Club decreased by more than 25% last quarter.

The average price of NFTs also saw a sharp decline, dropping from $791.84 in August 2021 to $38.17 in September.

Additionally, the number of unique marketplace users decreased by 14%.

Binance Research noted that the low liquidity in the crypto market and increased regular pressure were the main reasons for the capital withdrawal from the NFT market.

In terms of gaming NFT projects, the most popular in the third quarter were Gods Unchained, Axie Infinity, NBA Top Shot, NFL All Day, and Mythical Beings.