DappRadar report shows that NFT sales are expected to increase 6% by the end of the third quarter despite overall trading volume being down 75%

“Taking into consideration the amount of brands that are starting to implement NFTs and the number of unique traders of this quarter (2.2 million), the expansion of the NFT market will continue expanding also in 2023, but the road ahead will be rocky,

Ethereum loses while Immutable X gains

Considering the sales volume supremacy of the NFT market, Ethereum (ETH) appears to possess the largest portion with 26.2%.

However, Ethereum suffered greatly during the third quarter of 2022. Compared to the previous quarter, the market capitalization of the top 100 Ethereum-based NFT projects decreased by 44%, to $19 billion.

The number of Immutable X (IMX) NFTs increased during the third quarter. According to the survey, the trading volume of Web3 games surged by 87% from the previous quarter, suggesting their potential.

Fashion NFTs prevail while Gaming and Sports decline

The analysis also studied the performance of fashion, gaming, and sports NFTs separately during Q3 2022 and found that all three categories experienced declines. However, fashion is still superior to the other two when the degree of decline is taken into account.

Gaming

From over $1 million in Q1 to $71 million in Q3 of 2022, gaming NFTs experienced a precipitous decrease. From 12 million to 3.3 million, the sales continued a declining trend.

Despite the considerable decline, the industry for blockchain-based gaming is still worth more than $8.6 billion. Approximately 847,000 daily Unique Active Wallets were registered in August 2022, a period of considerable growth for the industry (UAW).

Sports

According to a report published earlier this month, the Sports NFT market will treble to $2.6 billion by 2022. Comparing 2022 quarters to 2021 quarters, the DappRadar analysis found a considerable decline, despite the possibility of a rise in 2022 relative to 2021.

During the first quarter, the sport NFT market generated $128 million in trades and recovered $4.4 million in revenues, according to the report. During the second quarter, trading volume decreased by 63%, while sales decreased by 54%.

In the third quarter of the year, trade volume and sales decreased by an additional 61% and 47%, respectively.

Fashion

Third-quarter trading volume for fashion non-traditional securities was approximately $2 million, compared to $16 million in the second quarter.

The report believes that fashion NFTs are the strongest subsector of the NFT market since their demand remains among the highest. Tiffany & Co NFTs with a mint price of 30 ETH sold out in 20 minutes, yielding $12.5 million in income.