Sales of non-fungible tokens (NFTs) in Q3 2023 were the worst in three years. A report from Binance Research shows that NFT sales hit $299 million, driven by a drop in the price of Ether (ETH) and the price floors of most collections. 😱

September was the worst month for NFT sales decline since January 2021. Major collections such as Azuki, Bored Ape Yacht Club and Mutant Ape Yacht Club have seen their minimum prices drop by more than 25%. Gaming and metaverse NFT collections showed the largest decline, down more than 40%. 😵

Despite the decline in NFT sales in Q3, Ethereum and scaling solution Immutable increased their market share. Ethereum grew by 6%, Immutable by 4%. Gaming NFTs have grown in popularity, with Gods Unchained, Axie Infinity, NBA Top Shot, NFL All Day, and Mythical Beings leading the way in terms of transactions.

Analysts note that despite the drop in sales, Q3 showed overall growth, possibly due to lower fees and moderate ETH prices.