The nonfungible token (NFT) market has <a href="https://dune.xyz/queries/122440/244221" target="_blank" rel="nofollow noopener">experienced </a>a surge of interest throughout 2021, with August seeing record-breaking trade volumes as one-of-a-kind digital artifacts regularly sold for prices above $1 million.
<h2>NFT Floor Prices Drop As the <a href="https://www.cryptoknowmics.com/glossary#gas-price">Price of Gas</a> Rises</h2>
According to Dune Analytics data, the overall amount of NFTs traded on the main NFT marketplaces has dropped significantly since Sept. 2, and the sector has been particularly hard affected by this week's Bitcoin-led market downturn.

This drop-in volume is evident in the statistics for the <a href="https://opensea.io/rankings?sortBy=thirty_day_volume" target="_blank" rel="nofollow noopener">top five NFT projects</a> traded on OpenSea, which have all witnessed a considerable decrease. 

The one exception is Loot, although the project is in its early stages and just participated in a $70,000 airdrop for holders.

The floor price for NFTs has also dropped significantly, according to Dune Analytics, which indicates that at their peak, the price floor was 1.02 Ether but has now dropped to 0.37 Ether due to the wider market slump and temporary fall in interest in NFTs.

It is important to note that this measure might be somewhat deceptive because the price floor can be influenced by newer projects entering the market and selling at lower rates.

Robust-priced sales are still occurring for many of the top projects, such as <a href="https://www.cryptoknowmics.com/news/chicago-blackhawks-launch-nft-collection-inspired-by-cryptopunks/">CryptoPunks</a> and EtherRocks, indicating that demand for premium projects remains high.
<h2>The Industry Is Still In Its Early Stages</h2>
It is also crucial to note that the NFT industry as a whole is still in its infancy and is just now making inroads into mainstream discourse.

A notable illustration of this momentum can be seen in the ongoing auction for 101 Bored Ape NFTs at Sotheby's, where one of the rare <a href="https://www.cryptoknowmics.com/news/etherrocks-take-nft-world-by-storm-fetch-over-100000-on-ethereum/">collectibles</a> has already sold for a record 600 Ether (ETH) worth $2.25 million at the time of sale. 

[embed]https://twitter.com/etherrockprice/status/1435497178525429766[/embed]

This implies that demand for premium projects remains robust and that NFT prices may rebound once the cryptocurrency market as a whole recovers.

Christie's is also contributing to the NFT sector's continuing growth by holding a forthcoming Art Blocks Curated auction on October 1.

[embed]https://twitter.com/ChristiesInc/status/1435346651217108996[/embed]

With well-known and established institutions backing the embryonic NFT industry, the speed of mainstream acceptance is expected to accelerate further, and the present retreat is merely part of the normal crypto market cycles.

As Demand Diminishes And Gas Prices Rise, NFT Sales And Floor Prices Drop

The floor prices for NFT drop significantly, which indicates that at their peak due to the wider market slump and temporary fall in interest in NFTs.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

As Demand Diminishes And Gas Prices Rise, NFT Sales And Floor Prices Drop

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