The cryptocurrency winter has hit all segments of the cryptocurrency market, and NFTs are no exception. NFT sales declined further in September, dragging Apecoin cryptocurrency with it. However, other NFT-related cryptocurrencies with real uses are doing the opposite and seeing record increases, such as Tamadoge.
Sales of non-fungible tokens (NFTs) fell for the fifth consecutive month in September, slightly exceeding $ 500 million, the lowest level since July 2021, according to aggregation site NFT CryptoSlam.
Driven by the drop in Ethereum prices from Merge, the blockchain that hosts most of NFT's collections, the monthly sales volume for September represents a reduction of about 90% from the record of 4,7 billion dollars in sales recorded. in January 2022.
While the number of unique buyers increased slightly from the previous month, it still didn't exceed half a million, recording around 480.000 units for the month, a 55% drop from its January peak.
“It's down, and it's down huge,” said Yehudah Petscher, head of NFT relations for CryptoSlam, of the NFT market. And he adds: “I don't think the situation will change anytime soon”.
Considered a crucial element of the Web3, where games, social media and financial services are run by decentralized applications controlled by users' cryptocurrency wallets, a lagging NFT market could stifle adoption in this booming industry.
“NFTs are fundamental to what will happen to the whole Web3 experience, I believe they are fundamental,” said Petscher. “I don't think blockchain would have been mass adopted before NFTs. I think it would inevitably have happened, but NFTs are speeding up the process ”.
NFT projects are doing well
This decline in activity around NFTs has been felt on the price of the APE cryptocurrency, which has fallen by 7% in the past seven days. However, other NFT-related projects are faring much better. Tamadoge, a cryptocurrency project featuring non-fungible tokens and a metaverse, experienced an impressive 300% growth over the same period.
The TAMA cryptocurrency has steadily risen from pre-sale phase, earning over 600%. However, the upward movement is not over yet as the token prepares to be listed on new exchanges.
After the OKX platform, CEX LBank and MEXC will also quote TAMA, offering a new upside opportunity!
