It looks like #HotNFTSummer may be over.

After notching more than $350 million in sales on a single day in late August, sales on the top 15 NFT projects have cooled considerably in September, now averaging just shy of $50 million a day. Crypto Investor has tracked sales on these projects since the early spring in its NFT Blue Chip Index.

Data from CryptoSlam.io shows average sales on blue chip NFTs touched $200 million in sales on Aug. 29 before a dramatic swoon in the weeks since. Still, the blue chip sales remain about 10 times what they were in late May, when the summer bull run began.

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In an interview with Crypto Investor in late August, Gary “Vee” Vaynerchuk said he was worried the market was ripe for a crash, arguing the proliferation of avatar-based projects was oversaturating the market.

“I don't understand, (Initial Coin Offerings) and tokens was five minutes ago. It was only four years ago … Like all those shit tokens failed. All these fucking three word brands starring some animal, 98% … are gonna fail. So what do I think? I think we're in a shitty spot. I’m petrified because even though I think I put out the most content about what I just said — the most. I'm still going to be blamed when everybody gets fucked because I'm also macro bullish.”

The swoon followed a downturn in major cryptocurrencies, including Ethereum, upon which most smart contracts supporting NFTs are based. The community was also rocked by news that the head of product for OpenSea, the largest NFT marketplace, was using inside information to profit from trades.

But the market remains magnitudes larger than it was just four months ago, let alone a year ago, and there are several signals of continued health.

Axie Infinity, the largest NFT project by sales volume according to data from Cryptoslam.io, recently crossed $2 billion in sales. NBA Top Shot has seen sales slowly climb as it moves toward a new season. And newer projects like Cool Cats, Parallel Alpha and Pudgy Penguins have cemented their place among the upper-echelon with more than $100 million in sales.

The 15 projects tracked by the Blue Chip Index currently are: Axie Infinity, CryptoPunks, Art Blocks, NBA Top Shot, Bored Ape Yacht Club, Mutant Ape Yacht Club, Loot, Meebits, ON1 Force, Pudgy Penguins, Parallel Alpha, Cool Cats, PUNKS Comic, Zed.run and Curio Cards.

Disclosure: Stephen Stirling is a senior reporter for the Street Crypto. He is an NFT artist that uses the platform OpenSea, and holds NFTS from NBA TopShot, Zed.Run, Robotos and the Adam Bomb Gang currently valued at more than $500 USD.

It looks like #HotNFTSummer may be over.

After notching more than $350 million in sales on a single day in late August, sales on the top 15 NFT projects have cooled considerably in September, now averaging just shy of $50 million a day. Crypto Investor has tracked sales on these projects since the early spring in its NFT Blue Chip Index.

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