Ethereum blue-chip NFTs take a hit as volumes drop in September

Blue-chip NFTs based on Ethereum saw a decline in trading volume in September.
Ethereum NFTs have seen a steady fall in sales volume since January.

Ethereum-based blue chip non-fungible tokens (NFTs) witnessed a 38% month-over-month (MoM) decline in trading volume in September, data provider The Block Pro noted in a recent post on X (formerly Twitter).

September experienced a 38% MoM drop in Ethereum’s blue-chip NFT trading volume, with BAYC, MAYC, and DeGods accounting for 71% of the total volume. pic.twitter.com/o57MCkgb5I

— The Block Pro (@TheBlockPro__) October 9, 2023

BAYC and MAYC in September

Throughout September, leading NFT projects Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) both saw declines in their floor prices. Within the 30-day period, BAYC’s floor price fell from 27.2 ETH to 24.44 ETH, according to data from NFT Price Floor.

At press time, BAYC’s floor price was 25.63 ETH. The last time an NFT from the BAYC collection traded for this low was in August 2021.

Source: NFT Price Floor

Regarding MAYC, its floor price plummeted by 15% during the same period. As of this writing, an MAYC NFT could be obtained for as low as 4.9 ETH, its lowest price point since November 2021.

Source: NFT price Floor

Despite the significant declines in the values of pieces that make up these collections, they each recorded a decrease in trading volume in September.

This mirrored the extent of the general market disinterest in this asset category, which has become exacerbated by the narrow price movements of leading crypto assets in the past few months.

According to data from CryptoSlam, the BAYC NFT collection recorded a sales volume of $14 million in September. This represented a 76% decline from August’s $26.24 million registered sales volume.

In September, the unique buyer and seller count of BAYC pieces fell by 49% and 46%, respectively. This showed that despite the relatively “low” prices of BAYC NFTs, less trading activity occurred.

Source: CryptoSlam

During the same period, MAYC NFTs saw a sales volume of $8.06 million. This was a 28% markdown from the $11.14 million recorded in August. On a year-to-date, MAYC’s monthly sales volume has plummeted by 88%, data from CryptoSlam showed.

The Ethereum NFT vertical has lost its juice

With the year marked by a significant decline in interest in profile-picture NFTs, Ethereum-minted NFTs have recorded plummeting sales since the year began.

In January, the Layer 1 network saw $821 million in NFT sales volume. As interest waned and trading activity fell, monthly sales volume dropped. Since January, NFT monthly sales on Ethereum have declined consistently.

In September, this totaled $142 million, declining by 83% within nine months.