October is known in the\u00a0crypto\u00a0world as an \u201cup only\u201d month, thanks to Bitcoin\u2019s historically excellent performance. Other than 2018 and 2019, Bitcoin finished higher every October since 2013. While many are hoping non-fungible tokens will see a similar trajectory play out this year, history tells NFT traders to cancel party plans and to plan for floptober<\/em> instead.<\/p>\n The second half of the calendar year is the Mr. Hyde to the year\u2019s Dr. Jekyll, with NFT sales and value falling straight off a cliff. October is no exception to the rule as evidenced by the past two years in NFTs.<\/p>\n NFT sales dropped 8.7%, from\u00a0US$4.2 billion<\/u><\/strong><\/a>\u00a0in September 2021 to\u00a0US$3.8 billion<\/u><\/strong><\/a>\u00a0in October. Average sales prices also fell 28% between months, from US$557.12 to US$400.22.\u00a0<\/p>\n In\u00a02022<\/u><\/strong><\/a>, a similar story unfolded with sales falling 12.5%, from\u00a0US$643 million<\/u><\/strong><\/a>\u00a0in Septempber to\u00a0US$562 million<\/u><\/strong><\/a>\u00a0in October. Average sales prices however increased 10.4% from US$76.63 to US$84.66.<\/p>\n At the macro level, the\u00a0Forkast 500 NFT Index<\/u><\/strong><\/a>\u00a0reflects no difference in the loss of value in September 2022 and October 2022, with the NFT market losing just over 7% of its value each month.<\/p>\n Last year, October served as a bookend for the year\u2019s six-month slide, but ultimately, both 2021 and 2022 needed a catalyst for the market to reverse. 2021\u2019s end-of-year $SOS airdrop injected much-needed liquidity into the market and put an end to three consecutive months of declines.<\/p>\n FTX\u2019s collapse in November 2022 brought lower\u00a0crypto\u00a0prices and a bit of a rallying moment for NFT collectors. While the value of NFTs plummeted 24.57%, total sales increased 9.25% to US$614 million.\u00a0<\/p>\n \u00a0<\/p>\n NFTs largely move independently of the\u00a0crypto\u00a0markets, or maybe even opposite. Cheap\u00a0crypto\u00a0means discounted NFTs, so higher-priced\u00a0crypto\u00a0means more expensive NFTs. With NFTs still feeling overvalued, Uptober in\u00a0crypto\u00a0almost certainly spells bad news for NFTs this month. Until we see fresh liquidity injected into the market or another catalyst, we\u2019ll see the previous two-year trend continue in NFTs, and Uptober will be Floptober once again in NFTs.<\/p>\n No FUD, just FACTS, last week\u2019s US$58 million in cross-chain sales reflects the lowest week of sales we have seen in 2023. And total transactions? Same story there. It\u2019s not all bad news though. While the low sales puts the NFT market on par with\u00a0February 2021<\/u><\/strong><\/a>, buyers, sellers, and transactions reflect the true growth of the NFT economy, mostly up this week, and outpacing early 2021 exponentially.<\/p>\n It\u2019s the completed month of September that is more eye-opening, with its\u00a0US$294 million<\/u><\/strong><\/a>\u00a0in total sales representing the lowest NFT sales since\u00a0January 2021<\/u><\/strong><\/a>.\u00a0 October is known in the\u00a0crypto\u00a0world as an \u201cup only\u201d month, thanks to Bitcoin\u2019s historically excellent performance. Other than 2018 and 2019, Bitcoin finished higher every October since 2013. While many are hoping non-fungible tokens will see a similar trajectory play out this year, history tells NFT traders to cancel party plans and to plan for […]<\/p>\n","protected":false},"author":2,"featured_media":167657,"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-167656","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\/167656","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=167656"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/167656\/revisions"}],"predecessor-version":[{"id":167659,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/167656\/revisions\/167659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/167657"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=167656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=167656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=167656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"b539c16568fc490d9f7a9e5c17f939a4\"](\"https:\/\/ci5.googleusercontent.com\/proxy\/W1wRo-PnGXNgQUvsu69NIXBwAUCsI94k1O6_crPCLZ-O1jHgu4k6MGH-g9THQwG3m0BjsOBrM4-97vwJOyNq3NjL1yJESU8--JE_13Dtnxu_FweNdaBTgLkwkyLknXykxQcuiCBCR6oSWCRTQm5U_DdAeHS6fC7H=s0-d-e1-ft#https:\/\/hostedimages-cdn.aweber-static.com\/MTcyNTY2Nw==\/original\/b539c16568fc490d9f7a9e5c17f939a4.png\" "\\"Uptober")
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Peep the charts<\/strong><\/h2>\n
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\u00a0<\/p>\n![\"839f55a8c8c04d0b99626ad5c1334731\"](\"https:\/\/ci5.googleusercontent.com\/proxy\/s4U1pJuzqclas864uProNYgjwOlWbtNC6u6rBiYJ2ydmHyPvT04wITF3BIhIDIIm5rvNLKvtwFAqgszulGXKeWmtXkiT1TrCPFluNukMtCSx9zl929Doi-cwrHlSes84mtuDYZSPsjw3k8WWLVFvd8UM2pPhEgEY2Q=s0-d-e1-ft#https:\/\/hostedimages-cdn.aweber-static.com\/MTcyNTY2Nw==\/optimized\/839f55a8c8c04d0b99626ad5c1334731.png\" "\\"Uptober")
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