September NFT Blue Chip Recap

September proved to be a turning point for Ethereum's blue-chip Non-Fungible Tokens (NFTs), characterized by a significant contraction in market activity. Trading volumes tumbled by 38%, declining from $225 million in August to a sobering $139 million. This reduction wasn't evenly distributed across the board; three collections—Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and DeGods—dominated the trading landscape. These collections alone accounted for an astounding 71% of September's entire trading volume.

The ripple effects of this reduced trading volume were apparent in the valuation metrics. The market capitalization of blue-chip NFT collections slipped from $1.81 billion in August to $1.72 billion by the end of September. With the exception of Pudgy Penguins, all blue-chip collections recorded declines in their floor prices.