Ethereum NFT Production Hits Record Low in September: Report

Sales of Ethereum-based NFTs dropped to a record low of $17.5 million USD in September, a 12.4% decrease from August, according to data from Forkast Labs. The Polygon blockchain also saw a dip in NFT production to a seven-month low of $4.7 million USD in September.

Blue-chip NFT collections such as Bored Ape Yacht Club and CryptoPunks have seen a decline in value, with investors questioning the actual worth of these digital assets. The NFT market decline is attributed to a loss of interest from investors and a focus on intentionality over hype. Real-world applicability is key to the survival of NFTs, with global brands such as Starbucks, Mattel, and Crocs incorporating NFTs into their loyalty and rewards programs.

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