Main topic: Decline in NFT sales and the need for new opportunities in the sector.
Key points:
- NFT sales in July totaled $495.6 million, down 23% from June.
- This marks the fifth consecutive month of declining NFT sales since February.
- The average sale in July was just $47, indicating less interest in high-value NFTs.
- Transaction levels remain high, indicating a growing prevalence of low-barrier NFT sales.
- Ethereum, Bitcoin, and Solana were the top blockchains for NFT sales in the past 30 days.
- The decline in NFT sales highlights the need for players and builders in the sector to find new growth opportunities.
### Summary
The US economy is forecasted to grow at a rate of 5.8%, causing concern for the Federal Reserve and those hoping interest rates will remain low.
### Facts
- 🔥 The US economy is predicted to grow by 5.8% according to the Federal Reserve Bank of Atlanta.
- 💸 Recent strength in retail sales, auto sales, housing starts, and industrial production have contributed to this economic forecast.
Sales of new U.S. homes rose 4.4% in July, surpassing expectations, as buyers turn to new construction due to a lack of resale inventory despite high mortgage rates and increased prices.
Huge price reductions and increased availability are driving growth in the electric vehicle market, which saw record sales in 2023, as major manufacturers like Tesla, Ford, and General Motors lower their prices and pass on cost savings from raw materials to consumers.
Pending home sales in the US rose by 0.9% in July, marking the second consecutive month of growth, despite high prices and increasing mortgage rates, with the rise attributed to an expanding job market and the potential for further increases given the number of failed offers; however, year-over-year pending transactions fell by 14%.
Subaru of America reported 56,407 vehicle sales in August, marking 13 consecutive months of year-over-year growth, with the Subaru Solterra all-electric vehicle achieving record sales of 915 units and accounting for 1.6% of Subaru's total sales volume.
Kia America reported a nine percent increase in vehicle sales in the US in August, with 2,449 EV6s sold, representing a 33 percent year-over-year increase and about 3.4 percent of the total volume, indicating strong sales for their battery-electric vehicles and positioning the company as a leader in innovative mobility.
Once electric vehicle adoption reaches 5-10 percent of new car sales, researchers predict that a significant surge in sales will occur, potentially reaching up to 80 percent of new sales, as early adopters are replaced by mainstream consumers looking for a good deal; however, a hesitant American public and inadequate charging infrastructure may hinder the country's progress in this transition.
US retail sales, excluding automotive, are expected to rise by 3.7% over the holiday shopping season, indicating a return to pre-pandemic levels of holiday spending, driven by a more normal inflation environment and consumers' willingness to spend on experiences, electronics, and dining out.
Electric vehicle sales are rapidly increasing worldwide, leading to a decline in gas- and diesel-powered vehicle sales, but the US government continues to project a growing demand for oil, raising concerns about the accuracy of these projections and the consequences if they are wrong.
The U.S. auto industry is expected to see a strong recovery in the third quarter, with sales volumes in September forecasted to increase by over 13% from 2022, and Q3 sales to surpass 3.9 million, a jump of more than 15% from the same timeframe last year.
The share of electric vehicle sales in the US is rising but varies greatly by state, with California leading at 25% of all vehicles sold in the first half of 2023 being electric, followed by Washington at 18%, according to BloombergNEF.
Top global automakers, including General Motors and Toyota, reported a rise in U.S. new vehicle sales for the third quarter, driven by strong demand for the latest models and improved supply, despite ongoing concerns over supply disruptions caused by the United Auto Workers strike.
Ford Motor's third-quarter U.S. new vehicle sales rose 7.7%, driven by increased sales of traditional pickup trucks, while sales of electric vehicles were up by 14.8% and hybrid sales saw a 41.4% increase.
Ford Motor reported a nearly 8% increase in U.S. auto sales for the third quarter, driven by strong demand for crossover SUVs and pickup trucks, despite concerns over supply disruptions caused by the ongoing strike by the United Auto Workers union.
Mercedes-Benz's electric vehicle sales in the US have risen by 284% in Q3 compared to last year, bringing their market share to nearly 15%, while Ford and GM's market share remains around 3% to 4%.
Car sales in China increased 4.7% in September, driven by discounted and new models ahead of holidays, with new energy vehicle sales growing 22.1% and accounting for 36.6% of total car sales.
US electric vehicle sales reached a new milestone in the third quarter, with a 50% increase from last year, but Tesla's market share is shrinking as other automakers see significant EV sales gains.
A record 17.5% of new-car buyers paid over $1,000 a month for a vehicle in the third quarter, marking a significant increase from three years ago.
Existing-home sales in September are expected to be at their lowest level in over a decade due to rising mortgage rates.
Sales at U.S. retailers increased by a larger-than-expected 0.7% in September, driven by strong demand at auto dealers and online stores, indicating that households have sufficient buying power to support economic growth.
Existing home sales are projected to hit their lowest levels since 2011, with sales expected to reach 4.1 million in 2023, causing buyers and sellers to face a stagnant market with decreasing offers and rising prices.
U.S. retail sales in September exceeded expectations due to increased purchases of motor vehicles, restaurant visits, and bar spending, indicating a potential acceleration in economic growth in the third quarter, but also raising concerns of a Federal Reserve interest rate hike in December.
US electric vehicle sales have increased by 50.1% year-on-year as more car buyers opt for electric vehicles, with a total of 313,086 battery EVs purchased between July and September 2023, according to Kelly Blue Book.
US retail sales in September exceeded expectations, rising 0.7% from the previous month, suggesting that consumer spending remains strong and could lead to more rate hikes by the Federal Reserve.
Despite inflationary pressures, American consumers continue to spend, with September's sales reaching $704 billion, a 3.8% increase from the previous year, indicating a healthy consumer outlook for the upcoming holiday season.
Sales of newly built homes in the US surged in September, reaching their highest level since February 2022, as prospective homeowners turned to homebuilders due to a lack of inventory in resale homes.
New home sales in the United States rose significantly in September despite high mortgage rates and a tight housing inventory, driven by pent-up demand and the appeal of new construction options.
Orders for durable goods jumped 4.7% in September, largely due to new contracts for Boeing airplanes, while overall business investment rose strongly, signaling a possible rebound in the manufacturing sector and business equipment spending in the last quarter of 2023.
US electric vehicle sales have reached a tipping point, with a 50% increase in the third quarter compared to last year, but automakers are concerned about the need to be cost-competitive in the market due to consumer reluctance to pay premiums for EVs over gas or hybrid vehicles.
