Participants in the non-fungible tokens (NFTs) market were not prepared for the Securities and Exchange Commission\u2019s declaration of war against NFTs last week when\u00a0charges<\/strong><\/a>\u00a0were filed against Impact Theory. I predicted that traders would start exiting the market. This week brings some confirmation that my own theory was right, and strong evidence that the era of NFTs\u2019 beginning is at an end.<\/p>\n By nearly every metric the NFT market is down, though admittedly, not all are as extreme as I was expecting. The Forkast 500 NFT Index shows that the global NFT market lost 2.11% of its value since the SEC\u2019s charges were made public. That rate of decline was significantly less than the prior two weeks, which showed a 3.67% decline the week of Aug. 21, and 5.81% the week of Aug 14. It doesn\u2019t mean there weren\u2019t major losses on NFTs though.<\/p>\n Across individual pricey NFTs, sellers took huge losses last week, like CryptoPunk\u00a0#9842<\/strong><\/a>\u00a0which sold for a US$160,000 loss, Bored Ape\u00a0#996<\/strong><\/a>\u00a0at a US$212,000 loss, Bored Ape\u00a0#8262<\/strong><\/a>\u00a0at a US$300,000 loss and Bored Ape\u00a0#2530<\/strong>\u00a0<\/a>sold at a US$319,000 loss. Just a few sellers got hit hard, taking US$11.9 million in losses on their trades for the week.\u00a0<\/p>\n Other metrics seem to show a muted reaction, but still combined tell a more complete story; NFT traders are on their way out. In last week\u2019s\u00a0NFTs On Deck<\/strong><\/a>, data showed double-digit changes in major categories, but this week, which captures the period after the SEC\u2019s announcement, only two of the seven reflect that type of significant change.\u00a0<\/p>\n Wash trading fell to US$29.8 million and unique sellers dropped to 216,723, both representing the lowest we\u2019ve seen in 2023. Weekly transactions also fell 16.13% from last week. and dropping to the fourth lowest this year. Traders\u2019 lack of participation tanked global sales to a 117-week low, with just US$72.5 million in sales.<\/p>\n August\u2019s final numbers reflect two parts of a fundamental change to the NFT market, one that represents the next chapter of NFTs with high transactions and lower sales. Global transactions hit an all-time high for the NFT market, with over 11 million total transactions. Sales, however, are down tremendously. The month finished with US$395 million in sales, a new 30-month low, and the second lowest we\u2019ve seen since January 2021\u2019s US$100 million in sales.\u00a0<\/p>\n Sales is the metric that resonates with the public, and August\u2019s shocking new low in the modern NFT market gives us the signal we\u2019ve been waiting for. The first chapter of NFTs has ended, and we\u2019re now writing chapter two. It\u2019s a less exciting part of the story, but this is where the world-building happens, setting up a payoff down the road that you\u2019ll be glad you stuck around for.\u00a0<\/p>\n Participants in the non-fungible tokens (NFTs) market were not prepared for the Securities and Exchange Commission\u2019s declaration of war against NFTs last week when\u00a0charges\u00a0were filed against Impact Theory. I predicted that traders would start exiting the market. This week brings some confirmation that my own theory was right, and strong evidence that the era of […]<\/p>\n","protected":false},"author":2,"featured_media":150370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-150369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=150369"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150369\/revisions"}],"predecessor-version":[{"id":150372,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150369\/revisions\/150372"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/150370"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=150369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=150369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=150369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"image\"](\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/09\/image.png\" "\\"The")
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<\/figure>\nPeep the charts<\/h2>\n
![\"image](\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/09\/image-2.png\" "\\"The")
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![\"image](\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/09\/image-3.png\" "\\"The")
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